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Petrol price hits year-high amid tensions in the Persian Gulf

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It is the highest-ever price for petrol since November 27, when the price had crossed the Rs 74 per litre mark.

Petrol price hits year-high amid tensions in the Persian Gulf
The price of petrol in the country has reached its highest level of the year following seven consecutive days of increase in fuel prices, thanks to the prevailing volatility in the global energy sector. The fuel prices have gone up following the terror attack on Aramco’s oil facility in Saudi Arabia.
As per the latest indicators, the price of petrol in the Delhi-NCR region is Rs 73.91 per litre. As per data, this is the highest recorded this year. It is also the highest-ever price for the fuel since November 27, when its price had crossed the Rs 74 per litre mark.
The price rise is also evident in the case of diesel. The price has risen to Rs 67 per litre. While the fuel is priced at Rs 66.93 per litre in Delhi today, it is likely to rise further and break the Rs 67 per litre mark for the first time since March 17.
The prices are likely to continue rising as no respite has been achieved in the ongoing tensions in the Persian Gulf region that has pitted the US and Saudi Arabia against Iran. With Riyadh accusing Tehran of directly being involved in the attack on Aramco facility and the US beefing up its presence in the region, the tensions are set to increase adversely affecting oil production and supply.
While various other factors such as dollar-rupee exchange rate influence fuel prices in India, any hindrance in supply could hurt the country as it depends heavily on oil imports to sustain its growing energy needs.
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