By Srinivas Chowdary Sunkara // Petrobazaar // 3rd June, 2018.
PETROL AND DIESEL PRICE TREND IN INDIA IN MAY
PETROL AND DIESEL PRICE - MONTHLY ANALYSIS
In Delhi, Petrol prices were advanced by Rs.3.72 per ltr or 4.98 pct where as Diesel prices were surged by Rs.3.32 per ltr or 5.03 pct during the month of May, 2018. A monthly escalation of $2.42 or 3.43% in Crude price in international market along with the weak rupee burdened the C&F price of crude for petrol and diesel by $8.13 and $6.27 respectively which in turn pushed up the RSP of domestic consumer fuels in India during the month.
Honestly speaking, Crude performed well during the month of May and touched new highs after 2014. High compliance rate of OPEC and allies brought the global oil stocks to below five year's average, considered as market re balancing. U.S reimposing sanctions on Iran and subsequent Geo-politics largely contributed to oil price speculation. Supply concerns from Venezuela, Nigeria and Libya along with the producer's statements fueled oil prices. Bullish monthly oil reports confirming the demand growth of 1.8 Mbpd caused a bullish momentum in crude prices during the month.
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