Fuel prices shoot up on Saudi tremors but oil supply continues

NEW DELHI: Pump prices recorded their sharpest rise since July 5 on Tuesday as tremors from Saturday’s drone attack at the heart of Saudi Arabia’s oil industry and the resultant explosion in crude prices hit India, even though domestic refiners continue to get Saudi crude.
As oil, financial and stock markets remained jittery, fuel retailers raised petrol price by 14 paisa to Rs 72.17 a litre and diesel by 15 paisa to Rs 65.58 in the Delhi market, the national benchmark. The quantum of increase was higher in states due to the incremental increase in local taxes.
This is the single-largest hike since the full Budget presented on July 5 raised taxes to push up fuel prices by about Rs 2.50 a litre as a result of single-highest spike in global oil prices on Monday. Global marker Brent had shot up nearly 20% and US marker WTI some 16% as OPEC lynchpin Saudi Arabia lost half of its production capacity in the attack. The prices later closed 15% up from their previous close.