New Delhi: Following the attack on Saudi Arabia’s Aramco oil refinery, fuel prices in India may witness a massive spike. Aramco oil refinery is one of the largest oil processing facility in the world. The media reports suggest that according to the Kotak Institutional Equities the petrol and diesel prices may increase by Rs 5-6 per litre in India.
India imports 83 per cent of its oil needs, and Saudi Arabia is its second-biggest supplier.
“Price of product at fuel outlets might be impacted if crude price continues to go up by 10 per cent,” HPCL chairman M K Surana was quoted as saying in the report.
Clearing air on the issue, Oil Minister Dharmendra Pradhan on Monday tweeted, “Following the attacks on the oil stabilization centres of @Saudi_Aramco, top executives of Aramco have been contacted. Indian ambassador in Riyadh @IndianEmbRiyadh contacted the senior management of Aramco to ensure steady supply to India.”
Pradhan assured that there would be no supply disruption to India. In one more tweet, he said, “We have reviewed our overall crude oil supplies for the month of September with our OMCs. We are confident there would be no supply disruption to India. We are closely monitoring the evolving situation.”
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