Petrol, diesel prices rise again as West Asia conflict triggers third fuel hike in 10 days
India witnessed its third fuel price hike in less than 10 days, with petrol prices nearing Rs 100 in Delhi amid continuing turmoil in global oil markets.
India witnessed its third fuel price hike in less than 10 days, with petrol prices nearing Rs 100 in Delhi amid continuing turmoil in global oil markets.
Oil companies raised petrol, diesel and CNG prices as mounting crude oil costs and the West Asia conflict intensified pressure on India’s fuel retailers.
The Indian stock market witnessed a sharp selloff on Monday amid weakening investor sentiment.
Gold and silver prices traded higher on Thursday, with prices rising by up to 1 per cent amid a rise in crude oil prices and uncertainty surrounding the US-Iran peace deal.
Global crude oil prices declined almost 3 per cent on Monday after US President Donald Trump said Washington would take steps to help clear vessels stranded in the Strait of Hormuz, though the lack of a breakthrough in US-Iran talks kept prices above the $100-mark.
Vessel tracking data suggest that the demand for Russian crude oil seems to be picking up, especially among India, China, and Turkey, according to media reports.
Puri, who was speaking at a programme called the ‘Open House with the Union Minister of Petroleum and Natural Gas, and Housing and Urban Affairs’ here, said India has demonstrated a great deal of resilience in the face of global energy crisis.
Addressing an event organised by the ICRIER, Sitharaman said credit must be given to PM Narendra Modi's statesmanship to take the decision of boosting imports of Russian oil at discounts as it helped in reducing the import bills.
Indian stocks seemed to have lost some steam as they declined for the second consecutive session on Monday primarily due to mild profit booking.
As OPEC evidently doesn't have a role in the demand for crude oil, it has full control over the supply chain, and hence in order to influence the price, they simply increase or decrease the price.
