Oil Prices In India

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Oil prices dipped in early trade on Friday amid uncertainty on demand outlook based on contrasting views from OPEC and IEA, but benchmark contracts headed for weekly gains as recession fears eased.

Petrol and diesel sales in the country fell in July over the previous month as the onset of monsoon chipped away demand in some sectors and restricted mobility, preliminary industry data showed. Diesel, the most widely used fuel in the country, saw consumption drop 13.1 per cent to 6.44 million tonnes from 7.39 million tonnes of demand in June. The arrival and intensity of monsoon weigh heavily on diesel demand in the country and consumption traditionally is lower in July-September than in April-June. Rains restrict mobility and demand from the farm sector, which uses diesel in irrigation pumps and trucking, also drops with the onset of rains. Diesel demand in July was, however, 17.1 per cent higher year-on-year, supported by strong economic growth and a relatively low baseline for the same period in 2021 when the second wave of COVID-19 had impacted the economy. Consumption of diesel was 32.4 per cent higher than the 4.84 million tonnes demand during July 2020 and 5 per cent more

Govt must be prepared to face oil price risks

He was responding to Prime Minister Narendra Modi's call on Wednesday to states to reduce the Value Added Tax (VAT) on fuel "in the spirit of cooperative federalism"

Oil prices plunged on Thursday on news that the United States was considering releasing up to 180 million barrels from its strategic petroleum reserve (SPR)

Most analysts expect the markets to remain choppy in FY23 amid multiple headwinds. The ongoing geopolitical crisis, they feel, will keep commodity prices elevated and market gains in check

The government on Tuesday said it is keeping a close watch on evolving geopolitical developments and would make 'calibrated interventions' to keep fuel prices under control to safeguard the interest of the common man. Minister of State for Finance Pankaj Chaudhary said crude petroleum and natural gas, fuel & power subgroup in the Wholesale Price Index (WPI) is directly related to the fluctuations in the prices of crude oil. To a question in the Rajya Sabha on whether the government will cut excise duty to keep fuel price escalation due to the Ukrainian crisis in control, Chaudhary said the public sector oil marketing companies (OMCs) take appropriate decisions on pricing of petrol and diesel in line with their international product prices, exchange rate, tax structure, inland freight and other cost elements etc. "Government is keeping a close watch on these factors and the evolving geopolitical developments and would make calibrated interventions as and when required to safeguard .

India relies on overseas purchases to meet about 85 per cent of its oil requirement, making it one of the most vulnerable in Asia to higher oil prices

Based on the existing value-added tax (VAT) structure and taking Brent crude price of $100 - $110 per barrel, SBI believes diesel and petrol prices should have been higher by Rs 9-14 each by now

Brent crude rose to as much as USD 103.78 a barrel, the highest since August 14, 2014, and was at USD 103.40 at 1500 hrs, up USD 6.71, or 6.93 per cent

Domestic fuel prices - which are directly linked to international oil prices - have not been revised for a record 110 days in a row

Brent crude fell $2.35, or 2.4%, to $94.13 by 0912 GMT. U.S. West Texas Intermediate (WTI) crude dropped $2.00, or 2.1%, to $93.46

A 10 per cent increase in crude oil prices, according to Nomura's estimates, may raise India's headline inflation by around 30 basis points (bps), add around 0.3 per cent of GDP to CAD

There's correlation between oil prices and sovereign fund flows, but experts say lot depends on trade balance

The Brent crude benchmark rose 34 cents to $84.67 a barrel

Petrol and diesel prices rose simultaneously for the fourth day running on Sunday amid volatility in global oil prices with benchmark crude remaining at a high level of over $ 79 a barrel.