Fuel prices rise as crude oil exceeds $ 70 per barrel

NEW DELHI: Pump prices They have been going up for the past five days and it looks like there will be new gains as Brent world reference crude surpassed the $ 70 mark on Monday while markets remain nervous about Iran's next move after the United States bombed and killed An Iranian general of high rank.

Gasoline became more expensive in 15 countries per liter and diesel in 17 countries. Gasoline sells for Rs 75.69 per liter in Delhi, the highest since November 2018. Diesel sells for Rs 68.68 per liter. The price of gasoline has increased by 53 countries per liter since January 2, while diesel has increased by 72 countries.

The impact of the increase in crude oil on fuel consumers is amplified by the collapse of the rupee, which increases the cost of refineries that have to pay more to buy dollars to pay for crude. The rupee slipped 13 countries since its previous close of 71.80 to settle at 71.93 against the dollar on Monday.

Brent rose 3%, or $ 2.14, to $ 70.74 per barrel on Monday, a level last seen in September 2019 when drone attacks destroyed almost half of Saudi oil production, or 5-6% of the World production. Gasoline has been on the rise since December 26 and diesel since November 29, 2019. Diesel prices have risen by Rs 2.95 per liter during this period, while gasoline has become more expensive at 1.06 per liter. .