New Delhi | Jagran Biz Desk: Fuel prices in India continue to rise in wake of the global oil supply affected following the drone attacks on oil refineries in Saudi Arabia. Petrol prices crossed Rs 74-mark in Delhi to reach Rs 74.13 witnessing a rise of 22 paise while Diesel prices saw a hike of Rs 14 paise at Rs 67.07.
 
While in Mumbai, petrol price has reached another height. Currently, it is priced at Rs 79.79 per litre while diesel costs Rs 70.37 per litre.
 
The prices have been on a rise for the eight-day consecutive day ever the attacks on Saudi oil supplies that jolted global oil markets.
 
Global oil prices had shot up after the immediate aftermath of drone strikes on Saudi Aramco oil facilities that affected 5 per cent of global oil supplies.
 
 
While Saudi Arabia has ensured that it can quickly bring back oil supplies, experts say the attack will affect the global oil market for a long time.
 
Oil Minister Dharmendra Pradhan had spoken to his Saudi counterpart Prince Abdulaziz on Thursday to discuss the plan. As per Pradhan, Saudi Arabia has assured India to meet its committed oil supplies. 
 
Saudi Arabia is India's second-largest oil supplier after Iraq and sells nearly 2 million tonnes of crude each month. 
 
Bharat Petroleum Corp Ltd (BPCL) has already tendered for import of LPG in October, possibly to make up for the shortfall from Saudi Arabia. India buys around 2,00,000 tonnes of LPG every month from Saudi Arabia. 
 
India imports 83 per cent of its oil needs, with Saudi Arabia supplying a fifth of the purchases. It sold 40.33 million tonnes of crude oil to India in 2018-19 fiscal, when the country had imported 207.3 million tonnes of oil.

The exchange rate of US dollar and rupee also plays a key role in determining oil prices. Spike in USD, makes oil imports costlier for India.  The rupee rose 22 paise to 70.72 against USD in eraly trade on Tuesday.
 
(with PTI inputs)

Posted By: James Kuanal