The sharp jump followed the attack over fears of conflict between two of the world's largest oil-producing nations.
Diesel prices were hiked by 40 paise a liter in just three days, Petrol prices, however, remained unchanged.
In Delhi, petrol prices climbed to Rs 74.68 a liter as against Rs 74.63 a liter on Wednesday while diesel price rose to Rs 67.09 a liter as compared to Rs 66.99 a liter.
Economists have said that India is facing Stagflation -- an economic trend marked by rising inflation and falling GDP growth.
The Nifty was down by 17.90 points to 12,203.75.
At 10.14 a.m. the Sensex was up 63.12 points at 41,415.29. It opened at 41,442.75 from its previous close of 41,352.17.
Ajay Sahai, President Federation of Indian Exports (FIEO) said, "we need to bring 'Double Tax Deduction Scheme for Internationalization of MSMEs' to allow MSMEs to deduct against their taxable income, twice the qualifying expenses incurred for approved overseas activities including market preparation, market exploration, market promotion, and market presence.
Finance Ministry said Sitharaman will meet the stakeholder groups of 'New Economy: Start-ups, Fintech and Digital Sector' and financial sector and capital market representatives. The capital market players may seek replacement of Dividend Distribution Tax (DDT) with the classical system of dividend taxation.
According to the ministry, the stimulus measures have led to a record inflow of foreign capital into the country.
Several economists have expressed concerns after the official data on Thursday showed that retail inflation soared to 5.54 percent in November, a steep rise of 92 basis points from the inflation number of the previous month.
While the specific assets to be monetized during the current fiscal year have yet not been identified, the target for asset monetization during the current fiscal year for BSNL and MTNL is Rs 200 crore and Rs 300 crore respectively, telecom minister Ravi Shankar Prasad.
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Moody's downward revision comes ahead of the International Monetary Fund's growth projections due next week.