By Srinivas Chowdary Sunkara // petrobazaar // 4-3-18
PETROL AND DIESEL PRICE REVISION IN FEBRUARY
PETROL AND DIESEL PRICE - MONTHLY ANALYSIS
In Delhi, Petrol prices were slipped by Rs.1.54 per ltr with more than 2 percentage change and Diesel prices were slide by Rs.1.96 per ltr or 3 percentage decrease during the February month after a surge of around 4 - 6 percentage in the previous month.
During the first week, Fuel prices continued its uptrend following earlier global oil market bullishness and descended from the second week on wards. The C&F price of crude for both petrol and diesel was edged down by $5.44 and $6.89 a barrel amid tumbled rupee in the month. The D.P for both the petrol and diesel has fallen down by above 3% during the period.
PETROL AND DIESEL PRICE TREND - GLOBAL OIL PRICES
The global oil prices came down by 5-6 percentage during the last month. Reversal in the oil market sentiment during February posted a large monthly loss. Investor started realising that the oil market fundamentals are not as healthy as presumed a few months back. Financial markets turmoil, Bearish stock reports, Increased rig count, U.S production ramp up and a strong dollar all together pressed the oil prices while growth in demand, shrinking global oil stocks including U.S and OPEC compliance rate floored the prices.
PETROL AND DIESEL PRICE TREND - COMMENT
The motor fuel oil prices are trended to follow global oil price trend amid changing currency prices under dynamic fuel pricing mechanism. Following the weakness in the fundamentals, Oil markets are expected to trade in negative territory for sometime which may push both the petrol and diesel prices down. Petrol and diesel price change is subject to supply, demand and government policy.
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