Petrol prices on Monday were hiked by 15 paisa a litre and diesel rates were increased by 17 paisa as global oil prices hit USD 70 mark in the wake of escalating US-Iran tensions fanning fresh fears of conflict in the crude-rich Middle East.

The retail pump prices of petrol in Delhi rose to Rs 75.69 per litre the highest since November 2018, while those of diesel climbed to Rs 68.68, according to a price notification of state-owned fuel retailers.

Brent futures rose as much as 3.1 per cent, or USD 2.14, to USD 70.74 per barrel while West Texas Intermediate advanced 1.7 per cent to USD 64.10 on the New York Mercantile Exchange.

Crude was at this high level on September 2019, when Saudi production facilities were attacked, knocking out about 5 per cent of global output.

The deepening crisis continued to spill over to other markets stock indices from Japan to Hong Kong fell. In India, Sensex plummeted 787.98 points to end at 40,676.63 while Nifty tanked 233.60 points to close at 11,993.05. Also, gold surged to the highest in more than six years.

India is 84 per cent dependant on imports to meet its oil needs and any spike in global prices has a direct bearing on its economy. Not just imports but even domestic crude oil which forms the raw material for making petrol, diesel and other petroleum products is priced according to international benchmarks.The Middle East accounts for more than two-thirds of the country’s oil imports, with Iraq and Saudi Arabia being the top suppliers.