On Friday, The Automobile Association (AA) predicted that the petrol price would climb in October in the wake of the mid-September drone attacks on the Abqaiq oil refinery.
The price for a litre of 95-octane gasoline will increase by 18 cents, while diesel will rise by 25 cents a litre.
The surge in fuel prices continues in the country even as global crude oil prices stabilised on Monday, with brent crude down by Dollars 60 per barrel almost after a month.
In Mumbai, the revised prices of petrol and diesel stood at Rs 80.21 per litre and Rs 70.76, respectively, according to price information available from Indian Oil Corporation (IOCL).
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Fuel prices are revised on a daily basis in India.
It said oil prices rose sharply after drones attacked two major oil facilities in Saudi Arabia on September 14. The average Rand/US exchange rate for the period 30 August 2019 to 26 September 2019 was R14.8432 compared to R15.1729 during the previous period. In Chennai and Kolkata, petrol prices have reached Rs 77.28 and Rs 77.03, respectively, while diesel rates are Rs 71.09 and Rs 69.66, respectively. Despite this, Saudi Arabia says oil production will resume as normal by the end of September.
The subsequent damage which took more than 5 percent of the global oil supply off the market lead to a rise in political tensions between the Saudis and Iran, with the U.S. also dipping their beaks in. "Oil supplies will be disrupted and oil prices will jump to unimaginably high numbers that we haven't seen in our lifetimes", Crown Prince Mohammad bin Salman said.
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