Fuel prices may climb further as oil tops $70
MUMBAI : Oil soared past $70 a barrel for the first time in more than a year after an attack on a Saudi Arabian oil facility, stoking fears that it will feed through to fuel prices in India and complicate the central bank’s plan to tame inflation and spur growth.
Sunday’s attack, analysts said, could push record high fuel retail prices even higher in India. In Delhi, petrol was sold at ₹91.17 per litre on Monday, while diesel retailed at ₹ 81.47. In Mumbai, petrol was at ₹97.57, while diesel retailed at ₹88.60, according to Indian Oil Corp. Ltd.
Last week, the Opec+ cartel of oil producers decided against lifting output in April, sending oil prices soaring. The late Sunday attack on the Saudi Arabian oil storage tank farm by Yemen’s Houthi rebels further fuelled the rally.
