Crude oil price spike after Saudi attack: Petrol, diesel rates set to rise in India

NEW DELHI : As crude oil prices surge by as much as 20% following drone attacks on Saudi Arabia’s oil facilities, the prices of petrol and diesel are all set to rise in India. The effect on petrol and diesel prices, that are changed every day at 6 am, was marginal today but it is expected that the increase will be sharper in the next few days.

Hindustan Petroleum Corp Ltd (HPCL) said the price of petrol and diesel at retail outlets might go up if the price of crude stays at current levels. “Price of product at fuel outlets might be impacted if crude price continues to go up by 10%,” M K Surana, chairman of HPCL told Reuters.

Surana, however said, that a continued high crude price is not sustainable.