te Petrol, diesel prices in India may shoot up by Rs 5-6 a litre after drone attack in Saudi: Kotak | Zee Business

Petrol, diesel prices in India may shoot up by Rs 5-6 a litre after drone attack in Saudi: Kotak

A recent report by Kotak said that in light of the sharp rise in international crude oil prices, Indian oil marketing companies (OMCs) may increase the retail price of diesel and gasoline by Rs 5 to 6 per litre in the following fortnight.

Petrol, diesel prices in India may shoot up by Rs 5-6 a litre after drone attack in Saudi: Kotak
Oil prices, experts said, could spike in the next several days as a result of the attack on Saudi Aramco, the second-largest oil producer in the world. IANS

Following the largest ever-disruption of crude production in Saudi Arabia amid drone attacks on its key facilities, prices of petrol and diesel in India may shoot up by Rs 5 to 6 a litre in next fortnight, experts said on Monday. A recent report by Kotak said that in light of the sharp rise in international crude oil prices, Indian oil marketing companies (OMCs) may increase the retail price of diesel and gasoline by Rs 5 to 6 per litre in the following fortnight.

Oil prices soared as much as 20 per cent to above $71 a barrel as markets reopened after a major attack on Saudi Arabia`s oil infrastructure. The attack immediately erased out 5.7 million barrels."These attacks resulted in production suspension of 5.7 million barrels of crude oil per day," Saudi Aramco said in a statement.

Oil prices, experts said, could spike in the next several days as a result of the attack on Saudi Aramco, the second-largest oil producer in the world. Meanwhile, US President Donald Trump, in a tweet, said: "Saudi Arabia oil supply was attacked. There is reason to believe that we know the culprit, are locked and loaded depending on verification, but are waiting to hear from the Kingdom as to who they believe was the cause of this attack, and under what terms we would proceed!"

The drone attacks claimed by Yemen`s Houthi rebels set alight two major oil facilities run by Aramco on Saturday, the Kingdom`s Interior Ministry said. The Saudi Press Agency, citing a statement by the Ministry, said that the drones caused the fire at the refinery in the city of Abqaiq in the Kingdom`s oil-rich Eastern Province, as well as the blaze at the Khurais oil field, around 150 km from Riyadh.

Written By: IANS
Updated: Mon, Sep 16, 2019
07:30 pm
Mumbai, IANS
RELATED NEWS
BPCL invents efficient gas burner capable of saving one cylinder annually BPCL invents efficient gas burner capable of saving one cylinder annually
Brokerages bullish on BPCL as company returns to profit in Q3FY23 after 2 quarters; elevated oil prices, inability to revise prices major headwinds Brokerages bullish on BPCL as company returns to profit in Q3FY23 after 2 quarters; elevated oil prices, inability to revise prices major headwinds
BPCL shares slip into the red ahead of Q3 results today – here's what to expect BPCL shares slip into the red ahead of Q3 results today – here's what to expect
Exclusive: Government may scrap existing divestment process for BPCL; announcement likley soon by DIPAM Exclusive: Government may scrap existing divestment process for BPCL; announcement likley soon by DIPAM
Oil marketing companies meeting on crude oil begins, prices may increase in next 2 days Oil marketing companies meeting on crude oil begins, prices may increase in next 2 days

By accepting cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.

x