PETROL DIESEL PRICE INCREASED IN SEPTEMBER
Petrol prices are increased by Rs.1.51 or 2.05 percent and Diesel prices are raised by Rs.1.81 or 3.47 percentage during the month between 1st September and 30th September. The average price of the international crude market for Indian crude basket was moved up by Rs.24.69 or 0.76 percentage at a discount of 41 paise in INR/USD during the same period. Front month ICE Brent Crude futures prices rallied to two year's high by 4.79 percent to above $59 a barrel during the Sep month. Demand growth estimates by OPEC and IEA, production halt & subsequent product shortage in U.S due to Hurricanes, Boosting of OPEC compliance rate to cuts, Geo-political tensions are the some of the factors drived the crude prices to the new heights in September month.
By Srinivas Chowdary Sunkara
30th Sep, 2017.