Fuel prices dropped further after international crude oil went into a free fall due major slump in demand following the global outbreak of coronavirus epidemic. The price of petrol was cut by 24-27 paise a litre and that of diesel by 25-26 a litre across all major cities in the country on Monday.
The government on Wednesday slashed import duty on refined palmolein from 50 per cent to 45 per cent, while that on crude palm oil (CPO) from 40 per cent to 37.5 per cent with immediate effect, a move that the industry opposed saying it will hurt domestic refiners.
Benchmark crude oil Brent crude on the International Market Intercontinental Exchange has risen nearly three dollars a barrel this month.
Waves of violent protests have engulfed Baghdad and Iraq’s southern provinces, with demonstrators chanting for the downfall of a political establishment that they say doesn’t prioritize them.
The eight core sectors had expanded by 4.3 per cent in September 2018. Production of seven sectors of coal, crude oil, natural gas, refinery products, cement, steel, and electricity contracted in September.
At the Interbank Foreign Exchange, the rupee opened at 71.83 then lost further ground and fell to an intra-day low of 71.98 against the US dollar.
The rupee depreciated by 12 paise to close at 68.92 against the US dollar on Monday tracking heavy losses in the domestic equity market and a spike in crude oil prices following Iran's seizure of a British tanker.
Crude oil prices rose 0.61 per cent to Rs 4,157 per barrel in futures trade on Friday as speculators raised their exposure, tracking a rebound in global markets.
The American Petroleum Institute (API) on Tuesday reported a decrease of 8.129 million barrels in the US crude oil inventories for the week ending July 5.
The rupee opened strong at 69.32 at the interbank forex market then gained further ground to touch 69.22 per dollar, displaying gains of 13 paise against the greenback. On Monday, the rupee had settled at 69.35 against the US dollar.
According to Geojit Financial Services Head of Research, Vinod Nair said: "Ripple effect from a weak global market while premium valuation and slow economy is hurting the market."
The benchmark Brent Crude on Thursday logged a steep jump of nearly 4 per cent over reports of attack on oil tankers in the Gulf of Oman.
The previous Congress-led UPA government had lost elections in 2014 when petrol prices had risen sharply in September 2013 to Rs 83.67. This is almost identical to price trend under the current regime when petrol price shot up to an all-time high level of over Rs 90 a liter in Mumbai in September 2018, just a few months ahead of the general election.
Both indices ended the week higher for the first time in six weeks. During the period the Sensex climbed 366.59 points and Nifty rose 156.05 points.
The domestic currency failed to sustain the momentum after Brent crude breached the USD 84 per-barrel-mark again and the US dollar strengthened overseas.
The revised rates of petrol in Delhi stood at Rs 81.82/litre and Rs 73.53/litre respectively.
The rupee on Wednesday rebounded by 9 paise to end at 72.60 against the dollar.
On Monday, the local currency had ended sharply lower by 43 paise to 72.63 against the US dollar.
Fuel prices continued to skyrocket yet again on Sunday. Petrol, diesel prices were hiked by 28 paise per litre and 18 paise per litre respectively in Delhi.
Gadkari said if biofuel could also cut on India’s huge aviation fuel imports, and if “we could save Rs 30,000 crore spent now” through innovation and technology, it would be a great contribution to country’s economic health.
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