Oil prices will ease if global tensions do not flare up: Dharmendra Pradhan

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NEW DELHI: Oil minister Dharmendra Pradhan said on Monday global oil prices would ease if there is no further escalation of geopolitical tensions.

Oil prices had jumped by as much as 19% early last week before coming off peaks after an attack on oilfields of Saudi Arabia over the previous weekend disrupted 5% of global oil supply.

Petrol price jumps Rs 1.59/ltr, diesel Rs 1.31/ltr after Saudi attacks

Petrol prices have soared by Rs 1.59 a litre and diesel by Rs 1.31 in the last six days — the most since daily price revision was introduced in 2017, as a massive strike at Saudi Arabian oil facilities jolted oil markets. Petrol price was on Sunday hiked by 27 paise to Rs 73.62 a litre in the Delhi market — the benchmark for national rates, as per notification.

The price of crude oil has already reduced by a few dollars per barrel, Pradhan said at an industry event in New Delhi.

Rising global oil prices are a major concern for India, the world’s third biggest oil importer, which meets almost 84% of its oil needs through imports.



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