Following the biggest ever-disturbance of crude production in Saudi Arabia amid drone attacks on its key offices, costs of petroleum and diesel in India may shoot up by Rs 5 to 6 a liter in next fortnight, specialists said on Monday.
Petrol, Diesel Prices To Raise Rs 5 to 6 Per Litre
A recent report by Kotak said that in light of the sharp ascent in global raw petroleum costs, Indian oil marketing companies (OMCs) may expand the retail cost of diesel and fuel by Rs 5 to 6 for each liter in the accompanying fortnight.
Oil costs took off as much as 20 percent to above $71 a barrel as business sectors revived after a noteworthy assault on Saudi Arabia’s oil foundation. The assault quickly eradicated 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.
The prices, notwithstanding, Brent facilitated at the hour of writing to $67 a barrel, almost 12 percent higher than its past close.
Oil costs, specialists stated, could spike in the following a few days because of the attack on Saudi Aramco, the second-biggest oil maker on the planet.
Indian markets as well finished lower on Monday following the drone attacks. The sharp ascent in oil costs that pursued the assault hosed any odds of a positive response to the government’s stimulus package last week.
The benchmark Sensex shut 261.68 points lower at 37,123.31. It opened at 37,204.56, lower than its past close of 37,384.99. The more extensive Nifty likewise slid 72.40 points, or by 0.65 percent to 11,003.50.
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 asserted by Yemen’s Houthi revolutionaries set to land two noteworthy oil offices kept running by Aramco on Saturday, the Kingdom’s Interior Ministry said.
The Saudi Press Agency, referring to an announcement by the Ministry, said that the automatons caused the flame at the treatment facility in the city of Abqaiq in the Kingdom’s oil-rich Eastern Province, just as the blast at the Khurais oil field, around 150 km from Riyadh.