Login With Google
Fuel Prices may rise
Why is it in the news?
- Prices of petroleum products like petrol and diesel are likely to go up by up to Rs. 5 a litre each over the course of the next few days.
- Drone attacks on Saudi Arabia’s crude processing facility, the largest in the world, have impacted half of the country’s crude oil production.
- However, allaying Indian fears, Saudi Aramco officials have told oil companies that the attacks would not result in a shortage of supplies.
More in the news
- The drone attacks on Saudi Arabia’s crude processing facility have impacted about 5% of the world supply.
- Following the attacks, the Global Brent crude futures shot up more than 20% to $66.91 per barrel.
- As per the ratings agencies, India will see a rise in prices due to the increase in the risk premium.
- India imports more than 80% of its crude oil requirement and most of it comes from middle-east.
- Saudi Arabia is a major source of oil imports for India, accounting for nearly 18% of the 226 million tonnes of crude the country imported during 2018-19.
- Besides Saudi Arabia, Iraq, UAE, Venezuela and Nigeria are other top oil supplier of India
Source
The Hindu.