By Srinivas Chowdary Sunkara // petrobazaar // 18-2-18
PETROL AND DIESEL PRICE REVISION - WEEKLY
PETROL AND DIESEL PRICE REVISION - ANALYSIS
In New Delhi, Petrol prices are dipped by Rs.1.15 per ltr or 1.6 percentage where as Diesel prices are down by Rs.1.34 per ltr with 2.12 percentage change during the last week. Petrol prices are decreased by 85 paise or 1.2 percentage and Diesel prices are slid by Rs.1.44 with 2.27 percentage points since the beginning of the month in the national capital city.
Last Week, Global crude markets started in a bearish mood and ended with weekly gains of around 4% after losing 10% during the previous week. Induction of large no of rigs by U.S drillers, built in U.S stocks and boosting U.S production numbers pressurized oil prices while strong bullish reports by OPEC and IEA, weak dollar , financial markets recovery and Saudi's statement of withholding production are the factors supported oil prices.
PETROL AND DIESEL PRICE TREND
The C&F price of crude for both the MS and HSD were on downside by above $3 amid weakened rupee by 22 paise/$, pushed down D.P and RSP by around 3% and 2% respectively. In my opinion, both the motor fuel prices may fall further, since a dip of around 2.82% is still to be settled in C&F price of crude against 7.44% fall in global oil markets since last 3 weeks. Fuel price change is subject to supply, demand and government policy.
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