Petrol, diesel price see steep hike

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Diesel prices have risen by £ 2.78 per liter over this period, while gasoline has become £ 91 more expensive.

The small quarter-of-a-penny increase came after four months of falling petrol prices, which began in August.

Amid rising tensions in the Middle East following the killing of Iranian commander Qassem Soleimani and President Trump's threat to impose sanctions on Iraq, oil prices shot more than 2% higher today, with Brent rising above $70 a barrel.

On Sunday night trading, global benchmark Brent crude gained 2.3 percent to trade at $70.18 per barrel after an Iranian state-run television broadcast said that the nation would no longer respect uranium enrichment restrictions set forth in 2015′s nuclear deal.

India is 84 per cent dependant on imports to meet its oil needs and any spike in global prices has a direct bearing on its economy. Domestic petrol and diesel prices are reviewed by oil marketing companies on a daily basis.

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Diesel drivers saw prices go up too, with a litre now averaging 130.61p - an increase of 0.75p during December.

Long-prevailing tensions between the two nations over the nuclear deal and sanctions had earlier intensified in September 2019, when the United States blamed Iran for strikes in Abqaiq and Khurais in Saudi Arabia, the largest crude-processing plant and oil field in the world.

Officials said there was no immediate risk of a cut in India's supply and the only impact would be on prices. Price revisions are implemented at the fuel stations with effect from 6 am.

"Nowhere in the world has supply been cut off due to USA strikes". The price of diesel has increased by 11 paise in Chennai, after which its price has increased to 68.51, 70.87, 71.84 and 72.39 per liter respectively. "Oil continues to flow as usual", said an official.

The prices remained unchanged over the new year. The price of petrol has been on the rise since December 26 and diesel since November 29.

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