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Petrol, diesel prices likely to rise as brent crude price crosses $70 mark

After a gap of six successive days of the hike, petrol & diesel prices were left unchanged on Wednesday for the first time this year. Although, petrol and diesel prices are set for a hike in the near future following a surge in crude oil rates amid fresh escalating geopolitical tensions between the US and Iran.

The prices of fuel in the country are dependent on the global crude prices and the rupee-US dollar exchange rate. As India imports 84% of its crude requirements, escalating conflict in the Middle East region could disrupt global oil supplies and lead to an increase in petrol and diesel prices locally.

According to the Indian Oil website, the petrol prices stood at Rs 75.74 per litre in Delhi, Rs 81.33 per litre in Mumbai, Rs 78.33 per litre in Kolkata, and Rs 78.69 per litre in Chennai, unchanged against Tuesday's rates.

Similarly, the diesel prices remained unchanged at Rs 68.79, Rs 72.14, Rs 71.15, and Rs 72.69 per litre in Delhi, Mumbai, Kolkata, and Chennai.

On Wednesday, crude prices skyrocketed in the international oil market and touched $71.75 per barrel after Iran attacked American forces in Iraq in response to a US strike that killed an Iranian general last week, raising the spectre of a spiralling conflict and disrupted oil supplies.

Tensions arising from the Middle East can possibly disrupt the global supply chain and are likely to support crude prices. Oil prices have jumped more than 5% in the last week since the American airstrike on Iran.

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