MPOST BUREAU
NEW DELHI: International oil prices jumped to the highest level since 2014, topping USD 87 a barrel but domestic petrol and diesel prices remained unchanged for the 74th day in a row - a freeze that may be linked to ensuing assembly elections in states like Uttar Pradesh and Punjab.
Brent - the key global oil benchmark - soared to USD 87.7 per barrel mostly due to rising geopolitical tensions and supply-side disturbances due to Yemen's Houthi group's attack on oil facilities in the United Arab Emirates. Also, global inventories are waning.
The attack, some analysts believe, may lead to more hostile behaviour between the two power centres in the Middle East - Iran and Saudi Arabia.
But domestic fuel prices - which are directly linked to international oil prices - have not been revised for over two months now.
This story is from the January 19, 2022 edition of Millennium Post Delhi.
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This story is from the January 19, 2022 edition of Millennium Post Delhi.
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