Petrol, diesel prices may surge Rs 5-6 per litre: Fuel may get costlier after Saudi drone strikes


Petrol, diesel prices may surge Rs 5-6 per litre: Fuel may get costlier after Saudi drone strikes

Petail prices of fuel may surge by Rs 5-6 per litre, as the recent spike in global crude oil prices will likely push India’s crude oil purchase costs higher. The surge in global crude prices driven by drone strikes on Saudi Aramco’s oil refinery in Saudi Arabia will likely hit India’s oil marketing companies Indian Oil Corp, HPCL and BPCL, potentially squeezing their marketing margins on petrol and diesel, said a report. “… a USD 10 per bbl rise in global crude and product prices may require OMCs to increase the retail price of diesel and gasoline (petrol) by Rs 5-6/liter in the following fortnight,” Kotak Institutional Equities said in a research note.

Indian Oil, HPCL, BPCL and other refiners may also have to battle falling refining margins and rising loss. “We do not rule out the possibility of moderation in marketing margins on auto fuels,” Kotak note said, adding Read More

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