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 Rs.91.17 per litre on Monday, while diesel retailed at Rs.81.47. In Mumbai, petrol was at Rs.97.57, while diesel retailed at Rs.88.60, according to Indian Oil Corp. Ltd.
