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Oil on boil as Iran launches attack on Israel; What would be the impact on petrol prices?
Crude oil prices are again seen to be moving towards $100 per barrel as Iran launched attacks against Israel on April 13, putting strain on import-dependent India.
India—a net importer of crude oil—is highly sensitive to international oil prices as it receives over 85 percent of its requirements from other nations. This directly links the retail prices of petrol and diesel sold in the country to prices in the international market.
Brent crude futures on April 12 settled at $90.45 per barrel, around 1 percent higher on account of tensions building up between Iran and Israel.
India’s oil secretary Pankaj Sharma on April 2 had pointed out that rising crude oil prices are a cause of concern. The remarks by the oil ministry official had come after Indian oil marketing companies (OMCs) had slashed prices of petrol and diesel by Rs 2 per litre on March 14 after crude oil prices were trading around $80 per barrel for quite some time.
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