Petrol, diesel prices up for 4th straight day as US strike roils oil market
Petrol and diesel prices rose for the fourth straight day on Sunday as global oil prices jumped after the US killed a top Iranian general, fanning fresh fears of conflict in the crude-rich Middle East.
Retail pump price of petrol was hiked by 9 paise per litre and that of diesel by 11 paise, according to a price notification of state-owned fuel retailers. Petrol in Delhi now costs Rs 75.54 per litre — the highest in more than a year, while a litre of diesel comes for Rs 68.51.
While global stock markets were mixed following the US killing of Qasem Soleimani, oil prices jumped more than 3 per cent on Friday. Oil markets will reopen on Monday after the weekend break. The killing of Soleimani represents “a significant spike in geopolitical risks and could lead to a direct confrontation between the US and Iran,” Oxford Economics said in a commentary.
