Attack On Two Oil Tankers in UAE May Increase the Petrol Price In India

The oil tankers were attacked off the coast of Fujairah. The attacks have resulted in regional tensions as the US has tightened its sanctions on Iran

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Amidst the attack on oil tankers off the coast of United Arab Emirates (UAE), which caused huge loss, there has been international tension, especially in the Gulf countries. Due to this, there is speculation that oil prices may increase in India in the coming period. 

In the last six days, cities like Mumbai, Delhi and Kolkata witnessed a decline of 25 paise per litre. Oil Marketing Companies (OMCs) have given relief to the common man by reducing the prices of petrol and diesel for the sixth consecutive day on Tuesday. Today, the cost of petrol per litre in Mumbai is ₹76.77.

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The Saudi oil tankers were attacked off the coast of Fujairah. The attacks have resulted in regional tensions as the US has tightened its sanctions on Iran.  However, no casualties or oil spill has been reported but the tanker has been damaged a lot. It can drastically affect the oil imports supplied to India as  Fujairah Port is the only terminal in the UAE which is situated on the Arabian Sea coast. 

With India being the third largest importer of crude oil, the tensions in the middle east can result in an increase in the petrol price.  

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