Gasoline and diesel prices remained unchanged in Indian subways on Wednesday as global crude oil rates hit the highest levels recorded in four months following an Iranian rocket attack on US forces in Iraq. The status quo on rates follows six consecutive days of upward revision. The attack came hours after the funeral of Qassem Soleimani, the commander of the country’s elite Quds force, killed in a U.S. drone strike on January 3. Currently, gasoline and diesel prices in India are reviewed daily by the oil trading companies and any changes – to bring the prices up to par with international crude oil and exchange rates – are implemented in the markets. gas stations at 6 a.m.
Here are the gasoline and diesel prices in Delhi, Mumbai, Kolkata and Chennai as of 6 a.m. Wednesday:
With effect from 6 a.m. on Wednesday, gasoline prices stood at Rs 75.74 per liter in Delhi and Rs 81.33 per liter in Mumbai – the same levels as the day before. Analysts say sharp increases in domestic fuel prices cannot be ruled out in the short term, alongside soaring crude oil prices due to supply issues.
Brent crude oil cooled after jumping to $ 71.75 a barrel, its highest level since mid-September 2019. At 9:33 am, Brent crude futures – the global benchmark for Crude Oil – were up 97 cents or 1.4% to $ 69.24. barrel.
Analysts said tensions in the market could ease as long as oil production facilities are not affected by the attacks.
The surge in crude oil prices came as Iran’s rocket attack on US forces in Iraq raised the specter of a spiraling conflict and disrupted crude supplies.
Tehran has fired more than a dozen ballistic missiles from Iranian territory against at least two Iraqi military bases housing personnel of the US-led coalition, the US military said on Tuesday. Equity, currency and gold markets were also disrupted by the attacks.
US President Donald Trump said in a tweet that an assessment of casualties and damage from the strikes was underway and that he would make a statement Wednesday morning US time. “All is well!” Trump said in the Twitter post.