NEW DELHI: There could be some good news around the corner for petrol consumers by way of a small reduction in price if the rupee remains north bound but an across-the-board hike — in diesel and kitchen fuel prices — appears inevitable.
The price of crude mix that state refiners buy dropped to $110.15 per barrel on Tuesday from a high of $112.26 on Monday. In rupee terms, too, the price followed the trend to slide to Rs 7073.83 per barrel from Rs 7404.67. According to Petroleum Planning and Analysis Cell — an oil ministry arm that tracks the country's oil and gas consumption — the cooling sign was sparked by twin factors of fall in international oil prices in dollar terms and the rupee appreciation to Rs 64.22 to a dollar from Rs 65.96.
The rupee continued its rally against dollar for the fifth straight session, appreciating by 46 paise to close at 63.37 on Wednesday after fresh RBI steps to boost foreign fund inflows and hopes of a diplomatic solution in conflict-ridden Syria reduced the dollar's appeal as a safer investment.
The price of crude mix that state refiners buy dropped to $110.15 per barrel on Tuesday from a high of $112.26 on Monday. In rupee terms, too, the price followed the trend to slide to Rs 7073.83 per barrel from Rs 7404.67. According to Petroleum Planning and Analysis Cell — an oil ministry arm that tracks the country's oil and gas consumption — the cooling sign was sparked by twin factors of fall in international oil prices in dollar terms and the rupee appreciation to Rs 64.22 to a dollar from Rs 65.96.
The rupee continued its rally against dollar for the fifth straight session, appreciating by 46 paise to close at 63.37 on Wednesday after fresh RBI steps to boost foreign fund inflows and hopes of a diplomatic solution in conflict-ridden Syria reduced the dollar's appeal as a safer investment.
