Disruption of crude production : Petrol, diesel prices may shoot up by Rs 5-6 a litre


Mumbai, Sep 16 (IANS): Following the largest ever-disruption of crude production in Saudi Arabia amid drone attacks on its key facilities, prices of petrol and diesel in India may shoot up by Rs 5 to 6 a litre in next fortnight, experts said on Monday.

A recent report by Kotak said that in light of the sharp rise in international crude oil prices, Indian oil marketing companies (OMCs) may increase the retail price of diesel and gasoline by Rs 5 to 6 per litre in the following fortnight.

Oil prices soared as much as 20 per cent to above $71 a barrel as markets reopened after a major attack on Saudi Arabia's oil infrastructure.

The attack immediately erased 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.

Oil prices, experts said, could spike in the next several days as a result of the attack on Saudi Aramco, the second-largest oil producer in the world.

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 claimed by Yemen's Houthi rebels set alight two major oil facilities run by Aramco on Saturday, the Kingdom's Interior Ministry said.

The Saudi Press Agency, citing a statement by the Ministry, said that the drones caused the fire at the refinery in the city of Abqaiq in the Kingdom's oil-rich Eastern Province, as well as the blaze at the Khurais oil field, around 150 km from Riyadh.

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Comment on this article

  • Flavian, Mangaluru/Kuwait

    Tue, Sep 17 2019

    Just know how America tackles the oil shortage situation:-
    Quote
    Prices initially surged as much as 18% but retreated after US President Donald Trump said on Sunday night that he had authorized the use of oil from the country's emergency oil supply. Trump said oil from the Strategic Petroleum Reserve, or SPR, would be used "to keep the markets well-supplied." The US reserve is the largest backup pool of oil.
    unquote
    Indians just wait for an opportunity to squeeze the consumers.

    DisAgree Agree [3] Reply Report Abuse

  • Flavian, Mangaluru/Kuwait

    Tue, Sep 17 2019

    How America tackles the oil shortage situation
    "Prices initially surged as much as 18% but retreated after US President Donald Trump said on Sunday night that he had authorized the use of oil from the country's emergency oil supply. Trump said oil from the Strategic Petroleum Reserve, or SPR, would be used "to keep the markets well-supplied."
    We in India just wait for the situation to make more profit by increasing prices.
    Thanks to BJP government.

    DisAgree Agree [1] Reply Report Abuse

  • Flavian, Mangaluru/Kuwait

    Tue, Sep 17 2019

    @ "What about the crude oil stored at low rates?"

    That is mainly for next LS election purpose and partly as an contingency preparedness.

    DisAgree Agree [3] Reply Report Abuse

  • Aam Aadmi, Mangalore

    Tue, Sep 17 2019

    We are willing to pay 1000 Rupees per litre of petrol but we just need MODI. MODI HAI TO MUMKEEN HAI
    --- BRAINY BHAKTS

    DisAgree [5] Agree [32] Reply Report Abuse

  • netizen, Mangaluru

    Tue, Sep 17 2019

    "ರೋಗಿ ಬಯಸಿದ್ದು ಹಾಲು ಅನ್ನ ವೈದ್ಯ ಹೇಳಿದ್ದು ಹಾಲು ಅನ್ನ". More excuses availed by the Modi govt. to hide its failures.

    DisAgree [7] Agree [20] Reply Report Abuse

  • Jossey Saldanha, Atlanta

    Mon, Sep 16 2019

    Acche Din for Ambanis ...

    DisAgree [6] Agree [22] Reply Report Abuse

  • Vinod raj, Mangalore

    Mon, Sep 16 2019

    ಜಾತಿ -ಧರ್ಮ,ಭಾಷೆಯ ಮೂಲಕ ಜನರ ಮದ್ಯೆ ದ್ವೇಷ ಬಿತ್ತುವ ಸರಕಾರ..ಜನರ ನೈಜ ಈ ಸಮಸ್ಸೆಯ ಗಮನವನ್ನು ಬೇರೆ ಕಡೆ ತಿರುಗಿಸಲು ಇನ್ನು ಏನು
    ಕಿತಾಪತಿಯೋ?😢😢😢

    DisAgree [3] Agree [15] Reply Report Abuse

  • Rakesh, Mangalore

    Mon, Sep 16 2019

    Dear crude oil today is 66 $, Bent 61$ and opec 6054$ who said 71? Why need to increase 5-6 rs now . when congress govt crude oil price ris eto 143$ that time sold it on 73 rs per ltr? why all r silient in this issue?

    DisAgree [6] Agree [55] Reply Report Abuse

  • Vijay, Mangalore

    Mon, Sep 16 2019

    Salt upon wounds.

    DisAgree [5] Agree [16] Reply Report Abuse

  • Dsouza, Udupi/Mudarangadi

    Mon, Sep 16 2019

    Ache dun for suppliers...

    DisAgree [3] Agree [30] Reply Report Abuse

  • Paul, mangalore

    Mon, Sep 16 2019

    There is enough of crude in MRPl which has got frer
    Of cost ...
    Again Ambanies deciding..

    DisAgree [6] Agree [26] Reply Report Abuse

  • Ozy, Surathkal

    Mon, Sep 16 2019

    What about the crude oil stored at low rates?

    DisAgree [2] Agree [44] Reply Report Abuse

  • tilak, Blore

    Mon, Sep 16 2019

    That will be used only during war time.

    DisAgree [21] Agree [11] Reply Report Abuse

  • vijay, kavoor

    Mon, Sep 16 2019

    modi bhakthh sure no doubt nd ambanis fan. tooo

    DisAgree [3] Agree [9] Reply Report Abuse


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