Petrol, diesel prices up in India as US strike roils oil market

Cost of petrol and diesel surges as supermarket price war ends

Retail pump price of petrol was inflated by 9 paise per litre and diesel by 11 paise, as maintained by a price notification of state owned fuel retailers.

Diesel drivers saw prices go up too, with a litre now averaging 130.61p - an increase of 0.75p during December.

According to information on the Indian Oil Corporation website, petrol now costs Rs 75.69 a litre in Delhi, Rs 78.28 a litre in Kolkata, Rs 81.28 a litre in Mumbai and Rs 78.64 a litre in Chennai, Rs 80.48 in Hyderabad, Rs 78.22 in Bengaluru, Rs 79.09 in Trivandrum and Rs 79.64 in Vijayawada. After this big incident, the price of Brent crude has increased very fast.

US President Donald Trump on Sunday warned of a "major retaliation" against Tehran after it threatened revenge for the killing. Not only imports, but also domestic crude oil, which is used as a raw material for the production of petrol, diesel and other petroleum products, is assessed according to worldwide standards. Diesel in the national Capital was priced at Rs 68.51 for every litre.

That's because the price of oil went up almost 5 percent during December, which led to increases in the wholesale cost of fuel.

84% of India's oil requirements are fulfilled through imports, of which the Middle East accounts for a major share.

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Officials stated that there is no immediate threat of any supply disruption to india and the only impact would be sensed in rates. Price revisions at fuel stations are implemented from 6 am.

RAC fuel spokesman Simon Williams said: "This situation very clearly demonstrates how United Kingdom drivers are at the mercy of global oil production issues when it comes to filling up".

Petrol and diesel prices in India are revised daily based on global rates and foreign exchange rates.

The prices remained unchanged over the new year.

Petrol prices have been rising since December 26 while that of diesel since November 29.

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