Petrol, Diesel Prices On Hold After Six Days Of Hike; Crude Oil Prices Jump

Petrol and diesel prices were unchanged across metros in India on Wednesday as global crude oil rates surged to the highest levels recorded in four months in the wake of a rocket attack by Iran on American forces in Iraq. The status quo on rates follows six consecutive days of upwards revision. The attack came hours after the funeral of Qassem Soleimani, the commander of the country's elite Quds Force killed in a US drone stroke on January 3. Currently, petrol and diesel prices in India are reviewed by oil marketing companies on a daily basis and any changes - to bring the prices at par with international crude oil and forex rates - are implemented at fuel stations at 6 am.

Here are the petrol and diesel prices in Delhi, Mumbai, Kolkata and Chennai with effect from 6 am on Wednesday:

With effect from 6 am on Wednesday, the price of petrol stood at Rs 75.74 per litre in Delhi and Rs 81.33 per litre in Mumbai - the same levels as on the previous day. Analysts say sharp gains in domestic fuel prices cannot be ruled out in the near term in tandem with the surge in crude oil prices on supply concerns.

Brent crude oil cooled off after jumping to $71.75 per barrel, its highest level recorded since mid-September 2019. At 9:33 am, Brent crude futures - the global benchmark for crude oil - were up 97 cents or 1.4 per cent at $69.24 per barrel.

Analysts said market tension could ease as long as oil production facilities remain unaffected by attacks.

The spike in crude oil prices came as the rocket attack by Iran on US forces in Iraq raised the spectre of a spiralling conflict and disrupted crude supplies.

Tehran fired more than a dozen ballistic missiles from Iranian territory against at least two Iraqi military bases hosting US-led coalition personnel, the US military said on Tuesday. Stock, currency and gold markets were also roiled by the attacks.

US President Donald Trump said in a tweet that an assessment of casualties and damage from the strikes was under way and that he would make a statement on Wednesday morning US time. "All is well!" Trump said in the Twitter post.