World’s biggest oil processing facility was attacked by two drones and this is the reason why we are concerned about the price hikes in petrol and diesel.
This incident has resulted in 5% cut in global supply of oil and prices are rising up.
In India Petrol and diesel prices may go high as far as 5 rs per liter.
Brent Crude oil has raised up to 20% today. Brent was trading higher by 11.09% at $66.90 a barrel.
As India imports 70% of its crude oil requirement this is a major reason to worry.
In India we can see some action in upcoming days. So you need to loosen up your wallets a little bit.
As majority of our public transport is running on diesel this might lead to affect common man of India.
This not only affecting oil imports but also equities and shares.
But looking at the bright side the continued crude price hike is not sustainable.
Prices are still lower than what was in mid-July.