Petrol and diesel prices are expected to rise in the country

New delhi date. September 15, 2019, Sunday

Crude oil prices are expected to rise by $ 5 to $ 10 a barrel on Monday in the international market if Saudi Arabia's crude oil supply fails to resume after a drone attack at two plants in Aramco, Saudi Arabia. If Saudi Arabia does not start supplying crude soon, crude prices could touch $ 100 a barrel, experts say.

Saudi crude oil production is suspected to cut more than half or about 5 percent of global production following a drone attack on two production units on Saturday involving Saudi Arabia's oil industry. Drone attacks on Saudi Aramco have raised government concerns in India, the third largest importer in the world.

As the prices of petrol and diesel in India are linked to international prices, the rise in crude oil prices internationally will have a direct impact on India.

"This is an extraordinary situation," an Indian government official said on condition of anonymity. We're keeping an eye on it. Saudi Arabia is an important source of crude oil imports for India. It is the second largest supplier of crude and culinary gas in India.

Globally, any rise in crude oil could have an impact on India's crude import bills and trade deficit. With every dollar increase in international crude oil prices, India imports Rs. 10,700 crore could be affected. India's crude oil import bill for 2018-19 was $ 111.9 billion.