Fuel prices surge amid tension in Middle East
- Author: Darren Santiago Jan 07, 2020,
Jan 07, 2020, 0:32
Iran's top commander Qasim Sulemani was killed in a missile attack by the U.S. military at Baghdad Airport, after which the price of crude oil increased.
The price of petrol rose by 10 to 11 pa and the price of diesel by 15 to 16 pa. The 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 USA and Iran", Oxford Economics said in a commentary.
Domestic gasoline and diesel prices are checked daily by oil marketing companies.
84% of India's oil requirements are fulfilled through imports, of which the Middle East accounts for a major share.
Since January 1, the price of petrol has increased by 55 paise, while diesel prices increase by 72 paise.
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That's the conclusion drawn by the RAC's Fuel Watch initiative, which tracks fuel prices across the United Kingdom and found that the average litre of petrol cost marginally more at the end of December than it did at the beginning.
Officials said there was no immediate risk of a cut in India's supply and the only impact would be on prices.
"While there was some positive news for drivers in December with an overdue fuel price cut from the supermarkets mid-month, after Christmas things unfortunately took a turn for the worse when oil began to go up as a result of the US's trade war with China cooling down". "Oil continues to flow as normal".
The Petrol and diesel prices rose again for the fourth straight day on Sunday across all major cities.
Rates of petrol have been on the upswing since December 26 and that of diesel since November 29, 2019.
"As we embark on a new decade it is hard to see that 2020 will be a good year for drivers in terms of fuel prices". Diesel prices have risen by £ 2.78 per liter over this period, while gasoline has become £ 91 more expensive.