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Wednesday
June 2020
6:09 AM IST
News Headlines
Competitive sports resume in England after 75-day shutdown        Amit, Vikas nominated for Khel Ratna by BFI; 3 names for Arjuna        Indian manufacturing output falls further in May, rate of job cuts accelerates: PMI        Sensex, Nifty spurt over 2 pc as India begins to unlock economy        Violent protests engulf US, thousands arrested and nearly 40 cities under curfew        Hong Kong blocks Tiananmen vigil; rush on for UK passports        Depression in Arabian Sea to intensify into severe cyclonic storm; will impact Mumbai        Deferred due to coronavirus, elections to 18 RS seats to be held on June 19: EC        Cabinet decisions will bring positive changes in lives of farmers, labourers, workers: PM        COVID-19: India now seventh worst-hit country in world        Mercury plummets as rain lashes Haryana and Punjab        New biography on PM Modi released        Oman reports 1,014 new COVID-19 cases, 11,437 in total        SpaceX Nasa Mission: Astronauts on historic mission enter space station        Woman dies of COVID-19 in Kerala, toll rises to ten; 61 new cases reported        DINGKO Cancer-stricken boxing hero Dingko Singh tests positive for COVID-19        As Lockdown-4 ends, home ministry issues guidelines for ''Unlock-1'' from June 8        COVID-19 tally in Kerala rises to 1,208, 7 Pilots and cabin crew, among 58 infected        Locusts in TN local grasshopper species, pose no threat, says govt        Delhi-Moscow AI flight returns midway after pilot found COVID-19 positive        
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Main News
Petrol price jumps Rs 1.59/ltr, diesel Rs 1.31/ltr after Saudi attacks
 
New Delhi: Petrol prices have soared by Rs 1.59 a litre and diesel by Rs 1.31 in the last six days -- the most since daily price revision was introduced in 2017, as a massive strike at Saudi Arabian oil facilities jolted oil markets.

Petrol price was on Sunday hiked by 27 paise to Rs 73.62 a litre in the Delhi market -- the benchmark for national rates, according to a price notification by state-owned oil firms.

Price of diesel was increased by 18 paise to Rs 66.74 per litre in Delhi.

This is the sixth straight daily increase and has taken the cumulative price hike since September 17 to Rs 1.59 per litre in case of petrol and Rs 1.31 for diesel.

Global oil prices shot up the most since the Gulf war in the immediate aftermath of the unprecedented drone missile strikes on key oil facilities in Saudi Arabia that disabled 5 per cent of the global supply.

Oil prices have cooled since the spike on September 16 but remain on the edge.

Attackers using low-flying drones and cruise missiles knocked out 5.7 million barrels of production, or about 60 per cent of what Saudi Arabia currently produces. It was the largest supply disruption in history. On Monday, Brent oil futures soared 15 per cent.

Analysts have warned that the style of the attacks on Saudi Aramco's Abqaiq and Khurais oil facilities may add a permanent risk premium to oil and gasoline prices.

While Saudi Arabia is saying it can quickly bring supply back online, experts say the shock to the global oil market will be felt for years.

India depends on Saudi Arabia for a fifth of its oil imports and has been in constant touch with Kingdom officials on securing its supplies.

Oil Minister Dharmendra Pradhan on Thursday spoke to Saudi Arabia's new oil minister Prince Abdulaziz bin Salman to discuss the supply plan. Saudi Arabia, according to Pradhan, has assured India of meeting all its committed oil supplies.

Saudi Arabia, which is India's second-largest oil supplier, sells close to 2 million tonnes of crude every month. Of this, 1.2-1.3 million tonnes of supplies for September have already been taken and the rest too has been assured.

However, Saudi has sought deferment of some LPG supplies, but they have assured to make up for all the quantities, Indian Oil Corp (IOC) Chairman Sanjiv Singh said, adding any shortfall can be bought from Qatar.

Bharat Petroleum Corp Ltd (BPCL) has already tendered for import of LPG in October, possibly to make up for the shortfall from Saudi Arabia.

India buys around 2,00,000 tonnes of LPG every month from Saudi Arabia.

Industry sources said Saudi Arabia has cut throughput at its refineries to meet its crude oil supply commitments.

India imports 83 per cent of its oil needs, with Saudi Arabia supplying a fifth of the purchases. Saudi Arabia is its second-biggest supplier after Iraq. It sold 40.33 million tonnes of crude oil to India in 2018-19 fiscal, when the country had imported 207.3 million tonnes of oil.

China, South Korea, Japan and India are the biggest takers of the Saudi oil in Asia, with China and Japan leading the pack at an average of 900-1,100 kilo barrels per day each. India could be most exposed as its reserves are the lowest.


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KERALA NEWS
Woman dies of COVID-19 in Kerala, toll rises to ten; 61 new cases reported
 Kozhikode/Thiruvananthapuram: A 53-year old woman, who returned from Riyadh recently succumbed to th  
COVID-19 tally in Kerala rises to 1,208, 7 Pilots and cabin crew, among 58 infected
Vijayan slams Railways for scheduling trains to Kerala without informing state
Kerala records 6th COVID-19 death
INTERNATIONAL NEWS
Violent protests engulf US, thousands arrested and nearly 40 cities under curfew
 Washington, Jun 1 (PTI) The US remained a tinderbox of anger and emotion as violent protests erupted
Hong Kong blocks Tiananmen vigil; rush on for UK passports
Oman reports 1,014 new COVID-19 cases, 11,437 in total
SpaceX Nasa Mission: Astronauts on historic mission enter space station
NATIONAL NEWS
Depression in Arabian Sea to intensify into severe cyclonic storm; will impact Mumbai
 New Delhi, Jun 1 (PTI) The depression in the Arabian Sea is likely to intensify into a severe cyclon
Deferred due to coronavirus, elections to 18 RS seats to be held on June 19: EC
Mercury plummets as rain lashes Haryana and Punjab
New biography on PM Modi released
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