Petrol and diesel prices witnessed the biggest hike since July 5 of 25 paise and 26 paise per litre, respectively, in Mumbai on September 18. The fuel price hike comes as India voiced concern over the spike in global oil prices following attacks on Saudi Arabian crude oil facilities.
A litre of petrol now costs Rs 78.10 from Rs 77.85 on September 17 and diesel Rs 69.04 per litre from Rs 68.78 in the financial capital, according to price information available from Indian Oil Corporation (IOCL).
Petrol prices rose 25 paise per litre to Rs 72.42 and diesel by 24 paise to Rs 65.82 per litre in the national capital.
This increase is the biggest single-day hike since the July 5 maiden Budget of Finance Minister Nirmala Sitharaman that raised rates by almost Rs 2.50 a litre due to an increase in excise duty on fuel.
It has left behind the record hike of September 17, when the petrol and diesel prices increased by 14 paise per litre and 16 paise per litre, respectively, in Maharashtra’s capital. The respective increase in Delhi was 14 paise and 15 paise a litre.
The increase in retail prices on September 17 followed nearly 20 percent surge in international oil prices in intraday trading -- the biggest jump in almost 30 years -- in response to attacks halving Saudi Arabia's output, before closing nearly 15 percent higher at four-month highs.
Also, international oil prices slid on the day, although the market remains on tenterhooks over the threat of a military response to the attacks. Brent crude was down 36 cents, or 0.50 per cent, at $68.66 a barrel.
Oil Minister Dharmendra Pradhan on September 17 said India, the world's third-largest oil consumer, is keeping a close watch on the developing situation.
"Certainly when there is a spike in prices, it creates anxiety," he told reporters here. "The events since Saturday (September 14) (when the Saudi oil facilities were attacked) are a matter of concerns to us."
However, he was quick to allay concerns that oil supplies from Saudi Arabia, India's second-biggest source, have not been disrupted.
(With inputs from PTI)
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