New Delhi, Sep. 23 (IANS): Petrol and diesel prices in the country continued to surge for the seventh day on Monday on the back of the ongoing tensions in the Middle East and the US-China trade war.
Petrol rates in Delhi, Kolkata, Mumbai and Chennai were INR 73.91, INR 76.60, INR 79. 57 and INR 76.83 per litre respectively, while diesel rates were recorded at INR 66.93, INR 69.35, INR 70.22 and INR 70.76 per litre in the four metros, according to the Indian Oil Limited website.
Petrol and diesel prices have registered a significant jump over the past six days, with Delhi seeing petrol prices increase to INR 1.88 per litre and diesel prices hike to INR 1.50 per litre.
ICE November Brent futures were trading $0.51 higher at $64.93 per barrel in the international market.
Oil prices to ease if global tensions do not rise — Pradhan
New Delhi, Sep. 23 (IANS): Petroleum Minister Dharmendra Pradhan on Monday said here that oil prices would ease if the ongoing global tensions do not increase.
He also said that crude oil prices have already eased by a few dollars per barrel in the past few days.
Crude oil prices surged as high as 20 per cent on September 16 after the drone attacks on Saudi oil major Aramco's key facilities on September 14. On September 16, the first working day post the attacks, prices of the benchmark Brent crude surged to $72 per barrel.
Eventually, however, prices have eased, following assurances improvement in supplies by Aramco. The demand scenario also has remained stagnant which has helped prices come down from the recent highs.
On Monday, Brent crude was trading around $63.94 per barrel.
The ongoing tension in the Middle East and the persistent US-China trade war has also helped the spike in oil prices.
Crude oil prices impact India severely as the country imports over 80 per cent of its oil consumption needs.
