Agony for oil marketers

MARKET REVIEW/DOMESTIC:ENERGY

The international oil prices continue to rule around the one-year peak following Saudi Arabia's warning to cut supplies to Asian countries next month.

However, as expected, the domestic prices of petrol and diesel remained unchanged in view of the elections to the Lok Sabha due to last till May 10.

Only after the election results will oil marketing companies (OMCs) be allowed adjust the prices of the two auto fuels in line with their import parity price.

The international benchmark Brent (dated) crude, which was hovering at $33.94 a barrel on March 4, moved up to $34.49 a barrel on March 5, to be quoted at $33.87 a barrel on March 9. Jet fuel (Singapore), which was being quoted at $36.78 a barrel on March 4, moved up to $37.43 a barrel on March 5, and touched $37.03 a barrel on March 9.

Prices of gas oil (Singapore) with 0.5 per cent sulphur, which were ruling at $37.55 a barrel on March 4, moved up to $38.28 a barrel on March 5, but softened to $38.05 a barrel on March 9.

Naphtha (Singapore), which was being quoted at $35.78 a barrel on March 4, touched $37.10 a barrel on March 5, and moved down to $35.43 a barrel on March 9.

Prices of unleaded petrol (fob Singapore), which were ruling at $42.48 a barrel on March 4, moved up to $43.70 a barrel on March 5, and touched $42.95 a barrel on March 9.