Petrol, Diesel Prices Up 50p in 2 Days, Steepest Hike Since 5 July

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(Photo: iStock)

In the steepest increase since the Union Budget Day on 5 July, petrol and diesel prices have gone up by around 50 paise per litre across four major cities - Delhi, Mumbai, Chennai and Kolkata.

On budget day, Finance Minister Nirmala Sitharaman had raised the rates by almost Rs 2.50 a litre due to an increase in excise duty on the fuel products.

Petrol and diesel prices in the four cities have gone up in the range of 48 paise to 53 paise on Wednesday and Thursday, according to data on the official website of Indian Oil Corporation (IOC).

The hike is a fallout of turmoil in global oil markets following drone attacks on Saudi Arabian crude oil facilities.

Earlier on Tuesday and Wednesday too, the prices had gone up by 14-15 paise per litre.

Following the drone strikes on Saturday, international oil prices rallied nearly 20 percent on Monday in intraday trading -- the biggest jump in almost 30 years -- as the attacks halved Saudi Arabia’s output.

Rates have in subsequent two days retreated, conceding about half of the gains. Brent crude future on Wednesday dipped 0.26 per cent to $64.38 per barrel after jumping to near $72 in reaction to the disruption.

This came after signs that Saudi Arabia was quickly restoring production at Abqaiq facility.

Abqaiq is now processing about 2 million barrels a day and should return to pre-attack levels of about 4.9 million barrels by the end of September, Saudi Aramco chief executive Amin Nasser said.