Oil prices rose Monday as Saudi Arabian oil facilities were targeted by drone strikes just days after the largest crude exporting nations in the world said they would not increase output.
Petrol prices slipped below Rs 71-mark for the first time in eight months on Monday as India looks set to reap windfall from a price war among oil producers leading to international crude prices crashing by their biggest margin since the 1991 Gulf war.
Fuel prices dropped further after international crude oil went into a free fall due major slump in demand following the global outbreak of coronavirus epidemic. The price of petrol was cut by 24-27 paise a litre and that of diesel by 25-26 a litre across all major cities in the country on Monday.
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