By Srinivas Chowdary Sunkara // petrobazaar // 30th June, 2018.
PETROL AND DIESEL PRICE CHANGE IN DELHI DURING JUNE MONTH
PETROL AND DIESEL PRICE - MONTHLY ANALYSIS
Petrol and Diesel prices have been easing across the India for last one month. In New Delhi, Gasoline prices were eased by Rs.2.80 per ltr or 3.6 pct and Diesel prices were trimmed by Rs.1.87 per ltr with 2.73% from June 1st on wards. OMCs revise petrol and diesel prices every day based on global crude oil prices.
The C&F price of ICB for petrol and diesel came down by $7.22 and $5.26 a barrel with a depreciation in rupee by 13 paise, Absorbed the D.P cuts of both the fuels by Rs.2.02 and Rs.1.46 per ltr. In the month of May, High global crude oil prices pushed domestic motor fuel prices to all time high which resulted into surge in retail inflation to 4.87 pct. Many of the analysts are in the opinion that if petroleum products are brought under GST ambit, The cascading effect of tax will come down. Finance minister and oil minister are in favour as per the reports.
Coming to the global oil markets, Both the bench mark crude futures were volatile and traded in bearish mood during the month. Since the beginning of the month, Market waited and expected a direction or cues from most anticipated OPEC+ meeting scheduled on 22nd of June. Producers could not yield any concrete decision on supplies. U.S oil price touched three and half year's highs after a larger drawings in crude stocks reported. A jump in exports along with supply disruption from an outage in Canada supported a jump in WTI price.
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