Saudi energy minister Prince Abdulaziz bin Salman at a press conference after the OPEC+ decision on Thursday said New Delhi should take some of the crude out of storage that they had purchased at very cheap rates last year.
The OPEC+ ministerial meeting comes after oil consumption tanked in 2020 due to the Covid-19 pandemic and a price war between Saudi Arabia and Russia.
This is the highest rate for petrol and diesel since September 2018 and followed the 13th increase in rates since November 20.
Oil markets have plunged in recent weeks as lockdowns and travel restrictions to fight the coronavirus around the world batter demand for the commodity.
At the interbank foreign exchange market, the local currency opened at 76.32, but witnessed heavy volatility and touched a low of 76.45 against the American currency.
Mexico was the lone holdout in an OPEC-led agreement reached after marathon overnight talks that would see output slashed by 10 million barrels per day in May and June.
In Italy, the country's youngest COVID-19 patient, a two-month-old baby girl, was reportedly released from hospital, a moment of hope in a country with 17,669 dead.
Prices had bounced back from 18-year lows last week after US President Donald Trump said that Riyadh and Moscow would draw a line under their dispute and agree to major output cuts.
A massive drone strike on the world's largest crude-processing facility operated by Saudi Arabia's Aramco has driven oil prices to their highest level in nearly four months.
Global investor sentiment was weak as the chances of peaceful trade negotiations between the US and China dimmed on news that Huawei chief financial officer Meng Wanzhou
After the US pulled out of the nuclear deal with Iran, Washington has been pushing allies to cut oil imports from Iran altogether by November.
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