By Srinivas Chowdary Sunkara // petrobazaar // 23rd April 2020.
PETROL DIESEL PRICE CHANGE TODAY IN INDIA
DIESEL PETROL PRICES TREND IN INDIA
In India, Diesel and petrol prices are changed daily in line with a rise and fall of global oil prices. Following the daily price revision of auto fuels in India, Diesel oil and petrol prices are unchanged across India for last 38 days barring a hike in a few cities like Mumbai, Bangalore and Kolkata due to an increase in VAT by the respective state governments. In Hyderabad, Petrol is being sold at Rs.73.97 and Diesel at Rs.67.82 a liter today in Hyderabad retail market. In Delhi, Petrol is priced at Rs.69.59 and diesel at Rs.62.29 per liter. In Kolkata, Petrol is now selling at Rs.73.30 and diesel at Rs.65.62 a liter. In Mumbai, Petrol and diesel are costing Rs.76.31 and Rs.66.21 respectively. Petrol pumps are charging Rs.72.28 and Rs.65.71 per liter respectively in Chennai.
IS THE WTI FIASCO IS RELEVANT TO MS & HSD PRICE IN INDIA?
The unprecedented collapse in the U.S oil prices that went into negative territory was viewed by the Asian refineries as fascinating. In reality, not significantly relevant as the vast majority of the crude traded in the region is priced off Brent futures or a combination of the Dubai Mercantile Exchange's Oman contract and Middle East assessment by price reporting agencies. Other problem that the Indian refineries are experiencing is the slump in fuels demand as the country is under lock down and the refineries have no option but to cut throughput. Oil marketing companies in India are heading towards quarterly loss which will be compensated partly by the low crude prices.
BIODIESEL PRICE TREND
Biodiesel prices are bench marked with diesel prices in Indian retail market. The retail prices of bio diesel remain unchanged today and trended to follow the changes in diesel prices in India. Turning to U.S markets, Ethanol futures prices for May delivery traded 3.02% up at 0.920s. Soybean Oil May delivered futures are trading 2.23% up at $26.14. Corn futures to be delivered in May edged up 0.94% at 320-4s. RapeSeed oil futures traded 0.13% up at 6,896s. Bio diesel B100 and B50 graded fuel prices are sold at competitive prices in Hyderabad retail market.
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