Saudi shipment change from light to heavy crude oil raises concerns

  • Saudi shipment change from light to heavy crude oil raises concerns

Saudi shipment change from light to heavy crude oil raises concerns

Domestic fuel prices have increased significantly over the past one week after the recent drone attacks on Saudi-oil major Aramco and petrol prices across major cities by around Rs 1.60 per litre. In Delhi, Chennai, Mumbai and Kolkata, prices of diesel have so far increased by Rs 1.37, Rs 1.47, Rs 1.45 and Rs 1.37 to Rs 66.74, Rs 70.56, Rs 70.01 and Rs 69.15 per litre, respectively, on Sunday.

The price hike in the past week is being seen as the most since daily price revision was introduced in 2017.

This is the sixth straight daily increase and has taken the cumulative price hike since September 17 to Rs 1.59 per litre in case of petrol and Rs 1.31 for diesel, reported PTI.

Similarly for diesel, after a hike of 6 paise on September 15, the prices were kept unchanged the next day.

The price was increased by Rs 0.15 on September 17, Rs 0.24 on September 18, Rs 0.19 on September 19, Rs 0.28 on September 20, Rs 0.24 on September 21 and Rs 0.21 on September 22.

Oil prices rose to their highest in two sessions on Monday amid concerns about oil supply disruptions from Saudi Arabia and elevated tensions in Middle East.

Crude oil markets around the world have been badly affected since the drone attack on Saudi Arabian oil plants.

The Pentagon has ordered additional troops to be deployed in the Gulf region to strengthen Saudi Arabia's air and missile defenses following an attack on Saudi oil facilities.

JXTG officials suspect that Aramco is taking more time than expected to fix its desulphurisation facility, which is necessary to produce light-grade crude used in the production of gasoline and light gas oil, the newspaper said. Abqaiq has the world's largest oil processing plant, and Khurais has the country's second largest oilfield.