The price of petrol in the country has reached its highest level of the year following the continuous increase in fuel prices, thanks to the prevailing volatility in the global energy sector. Added to it, the fuel prices have gone up following the terror attack on Aramco’s oil facility in Saudi Arabia.

As per the latest indicators, prices of petrol in Delhi, Kolkata, Mumbai and Chennai was Rs 74.61, Rs 77.23, Rs 80.21 and Rs 77.50 per litre since Tuesday. The diesel prices in the four metros also remained high at Rs 67.49, Rs 69.85, Rs 70.76 and Rs 71.30 per litre, respectively.

As per various data, this is the highest recorded price this year. It is also the highest-ever price for the fuel since last November when the petrol price had crossed the Rs 74 per litre mark.

Though the prices in the domestic market remained stable for a couple of days, this is likely to change as reports have emerged about dwindling oil reserves in the US. The prices are likely to continue rising as no respite has been achieved in the ongoing tensions in the Persian Gulf region that has pitted the US and Saudi Arabia against Iran.

While various other factors such as dollar-rupee exchange rate influence fuel prices in India, any hindrance in supply could hurt the country as it depends heavily on oil imports to sustain its growing energy needs.

(With IANS Inputs)