While the prices of diesel have come down from $ 33.20 a barrel on October 15 to $ 32.25 a barrel on October 28, petrol prices have come down from $ 35.30 a barrel to $ 34.53 during the same period.
However, since the new formula for sharing of losses of oil marketing companies on sale of cooking gas and kerosene envisages making up one-third of these losses through cross-subsidisation from other retail products, the oil companies may take this excuse not to pass on the benefit of falling prices to the consumer.
The international benchmark Brent (dated) crude, which was hovering at $29.40 barrel on October 22, moved down to $ 29.26 a barrel on October 27, and slid further to $ 28.70 a barrel on October 28.
Jet fuel (Singapore), which was being quoted at $ 34.50 a barrel on October 22, moved down to $ 34.43 a barrel on October 27, and further slid to $33.93 a barrel on October 28.
Prices of gas oil (Singapore) with 0.5 per cent sulphur, which were ruling at $ 33.03 a barrel on October 22, touched $ 32.75 a barrel on October 27, and moved down to $ 32.25 a barrel on October 28.
Naphtha (Singapore), which was being quoted at $ 30.50 a barrel on October 22, touched $ 30.88 a barrel on October 27, and moved up to $ 31 a barrel on October 28.
Prices of unleaded petrol (fob Singapore), which were ruling at $ 34.20 a barrel on October 22, moved up marginally to $ 34.55 a barrel on October 27, and moved down to $ 34.53 a barrel on October 28.
