Petrol and diesel prices were cut by 9-10 paise per litre and 6-7 paise per litre respectively across four metropolitan cities of India on Thursday.
According to Business Today, in New Delhi, petrol prices fell by 10 paise to Rs 74.51 a litre on Thursday as against Rs 74.61 on Wednesday. Diesel prices, on the other hand, became cheaper by 6 paise to Rs 67.43 a litre as compared with Rs 67.49 yesterday’s price. In Kolkata, the retail prices of petrol and diesel are Rs 77.14 (9 paise less) a litre and Rs 69.79 (6 paise decrease) a litre respectively. Similarly, in Mumbai, petrol is sold at Rs 80.11 a litre, down 10 paise compared with yesterday’s price of Rs 80.21 a litre, and diesel is sold at Rs 70.69, down 7 paise from Rs 70.76 a litre on Wednesday. In Chennai after the cut, people will now have to shell out Rs 77.40 (10 paise less) for a litre of petrol while diesel retailed at Rs 71.24 per litre, 6 paise less than yesterday’s price.
Global oil prices shot up the most since the Gulf war in the immediate aftermath of the unprecedented drone missile strikes on key oil facilities in Saudi Arabia that disabled 5 per cent of the global supply. The attack jolted global oil markets, as a result of which prices shot up. India depends on Saudi Arabia for a fifth of its oil imports and has been in constant touch with Kingdom officials on securing its supplies. Attackers using low-flying drones and cruise missiles knocked out 5.7 million barrels of production, or about 60 per cent of what Saudi Arabia currently produces. It was the largest supply disruption in history.