On Monday, Crude oil future jumped over Rs. 4967 per barrel for the first time since the COVID-19 outbreak, following a missile attack on facilities owned by energy giant Aramco in Saudi Arabia, and on optimism about the demand outlook as the global economy recovers. The futures benchmark for May touched $71.16 a barrel in early Asian trade. Brent and WTI prices are up for the fourth consecutive session after OPEC and their allies decided to keep production cuts largely unchanged in April.
Retail prices of fuel in India are revised on a daily basis by oil marketing companies in line with changes in the international prices and the rupee's exchange rate. These are at all-time highs and left unchanged for the ninth consecutive day on 8 March.