Soleimani Killing:India Fuel Prices Up For 5th Day

NEW DELHI/HYDERABAD: Petrol and diesel prices rose for the fifth day in India after the US killed an Iranian military commander Major General Qassem Soleimani, fuelling fresh fears of conflict in the crude-rich Middle East. Oil markets reopened on Monday after the weekend break.

Retail pump price of petrol was hiked by 9 paise per litre and that of diesel by 11 paise, according to a notification by state-owned fuel retailers. The domestic fuel prices continued to go upward as the price of petrol went up by 15-16 paise and that of diesel by 17-18 paise across all major cities on Monday.

As per several petroleum dealers in the Southern states, the trend might continue for some more time till the crisis in the Middle East is sorted.

India imports 84 per cent of its oil and any spike in global prices has a direct bearing on its economy. Not just imports but even domestic crude oil—which forms the raw material for making petrol, diesel and other petroleum products—is priced according to international benchmarks.

Middle East accounts for more than two-thirds of the country's oil imports, with Iraq and Saudi Arabia being the top suppliers. Officials said there is no immediate threat of any supply disruption to India and the only impact would be felt in prices.

"Nowhere in the world has seen any supply being stopped because of US strikes. Oil continues to flow as normal," an official said. (With inputs from Agencies)

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