By Srinivas Chowdary Sunkara // petrobazaar // 8-12-2017
PETROL AND DIESEL PRICE DAILY REVISION
PETROL AND DIESEL PRICE REVISION ANALYSIS
Petrol prices are decreased by 4-5 paise per ltr or 0.05% while Diesel prices are moved down by 1 paise around all major metro cities in India except in Mumbai where petrol are unchanged and diesel prices are boosted by 2 paise per ltr.
Yesterday, Global crude oil prices regained and recovered from sharp fall on previous day. EIA reported an hefty build up of product stocks while crude stocks have fallen down surprisingly in U.S during the last week. U.S production reached 30 years high levels to 9.7 M which is considered as a threat to OPEC's pact. The INR lost further ground to end at near two week low of 64.67/$ on sustained demand for the dollar from importers.
PETROL AND DIESEL PRICE TREND
The C&F price of crude for both the motor fuel oil were down by 0.18%-0.22% after factoring the strong currency. Petrol and diesel prices are triggered to move downwards slightly as per the fundamentals in global oil markets and the move can be capped by weak INR placed for last couple of days. Petrol and diesel price changes are subjected to government policy, supply and demand.
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