Yesterday, Iran-backed Yemeni rebels, the Houthi armed group, attacked a Norwegian cargo ship traveling in the Red Sea. Following this, major oil company BP has announced that all shipping through the Red Sea will be temporarily suspended. Similarly, other major shipping companies have also announced that they are suspending Red Sea routes.
About 15 percent of the world’s shipping traffic goes through the Suez Canal, which connects the Red Sea. It is the shortest shipping route connecting Europe and Asia. Instead, ships would have to travel an extra 15 days on the route around the African mainland. This results in a 30 percent increase in logistics costs, delays in cargo delivery, and higher insurance costs for ships.
Petrol and diesel rates
No change in petrol and diesel prices in the country has been announced on Tuesday. Petrol price in Delhi remained unchanged at Rs 96.72 per liter and diesel at Rs 89.62 per litre. Petrol price in Mumbai city is Rs 106.31 and diesel is Rs 94.27. In Kolkata, the price of a liter of petrol remains unchanged at Rs 106.03 and diesel at Rs 92.76. The price of petrol in Chennai city limits remains at Rs 102.63 and diesel at Rs 94.24.
Similarly, no change in vehicle fuel prices in the state has been reported till today. A liter of petrol in Thiruvananthapuram is priced at Rs 109.73 and diesel at Rs 98.53. Petrol price in Kochi city limits remains unchanged at Rs 107.78 and diesel at Rs 96.70. A liter of petrol in Kozhikode city costs Rs 108.28 and diesel costs Rs 97.20.