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Petrol price hiked by Rs 1.59/litre, diesel Rs 1.31/litre in 6 days after drone attacks on Saudi oil facilities

In the last six days, petrol prices registered an increase of Rs 1.59/ litre while diesel prices were hiked by Rs 1.31/litre.

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Petrol and diesel prices have soared in India in the past week as global supplies have been hit following the drone strikes on two Saudi Aramco factories in Abqaiq and Khurais provinces of Saudi Arabia on September 14.

In the last six days, petrol prices registered an increase of Rs 1.59 a litre while diesel prices were hiked by Rs 1.31/litre. PTI reported that this is the biggest hike in six days period since daily price revision was introduced in 2017.

The petrol prices in Delhi on September 14 - the day Aramco facilities were hit - was at Rs 71.97/litre. After 5-paisa hike on September 15, the prices were kept unchanged the next day. 

However, they were increased by Rs 0.14 on September 17 and subsequently hiked by Rs 0.25, Rs 0.29, Rs 0.35, Rs 0.29 and Rs 0.27 on September 18, 19, 20, 21 and 22. Since September 17, petrol prices were increased by Rs 1.59/litre in six days. 

Similarly for diesel, after a hike of 6 paise on September 15, the prices were kept unchanged the next day. Since September 17, the prices were hiked daily, registering a total increase of Rs 1.31/litre.

The price was increased by Rs 0.15 on September 17, Rs 0.24 on September 18, Rs 0.19 on September 19, Rs 0.28 on September 20, Rs 0.24 on September 21 and Rs 0.21 on September 22. 

The unprecedented drone missile strikes on key oil facilities in Saudi Arabia on September 14 have disabled 5% of the global supply ad the prices have shot up.

Although global oil prices have cooled since the spike on September 16 but remain on the edge.

On Saturday Houthi rebels from Yemen used low-flying drones and cruise missiles to attack Saudi Aramco's processing plant in Abqaiq and at the Khurais oil field. While Abqaiq contains the world's largest oil processing plant, Khurais contains the country's second-largest oilfield.

The attack affected 60% of Saudi Arabia's total oil production.

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