Crude oil price up - so, prospects of petrol/diesel price to be up by Rs. 6 per litre
Posted on: 17/Sep/2019 5:47:25 PM
Subsequent to the drone attack on Aramco oil plant in Saudi Arabia, the price of crude oil has shot up in the international market.
As a result, the news is gathered that the price of petrol/diesel may shoot up by Rs. 5 to Rs. 6 per liter.
The Yemen Rebel Forces conducted a drone rais on 2 oil refineries of ARAMCO in Saudi Arabia.
This caused quite a substantial damage and production was cut immediately by 50%. Thus, production of 57 Lakhs barrels per day has been affected. Information is gathered that it may take a few weeks for the repair work to be completed for the restoration of full-scale production.
With the scaled-down production, the price of crude oil went up by 10% in the International Market.
In the New York Stock Exchange, the price of crude oil rose by $ 5.61 to $ 60.46. Frond Crude oil price rose by11.77% to $ 67.31. It is further gathered that the crude oil price will have a trend to increase.
international news conveys that even the crude oil production companies will increase their prices in 2 weeks.
Kotak Securities Company, in a survey, reported that as the price of crude oil has increased by $10 per barrel, it cannot be said that there would not any price change in the local market. In the coming days, the price of retail petrol and diesel may go up by Rs. 5 to Rs. 6.
The research expert in the oil field, Amit Bhandari observed:
�There will definitely be an echo of the drone attack in Aramco in Saudi Arabia. There has been a priced increase of the oil reaching India by $7per barrel. Going by the past experience, if the crude oil price goes up by $75 per barrel, the government may review regarding the prices.�
