Competition in the domestic auto fuel market is likely to increase with the launch of the first private sector retail outlet from Essar in Maharashtra, this week.
The price war in this sector had started since Essar sold a large quantity of diesel to a bulk consumer at a discounted price last week.
In the international market, oil prices were steady during the past week. The market waited for US supply data which would indicate whether low heating oil stocks were building ahead of the winter peak-demand season.
The market also appeared to be awaiting the outcome of the upcoming Vienna meeting of the Organisation of Petroleum Exporting Countries (OPEC).
However, ahead of the meeting, ministers of the oil cartel were saying they would most likely leave current output unchanged.
The international benchmark Brent (dated) crude, which was hovering at $ 28.03 a barrel on September 3, moved down to $ 27.51 a barrel on September 5, and further to $ 27.26 a barrel on September 9.
Jet fuel (Singapore), which was being quoted at $ 32.38 a barrel on September 3, moved down to $ 30.70 a barrel on September 5, and appreciated to $ 31.38 a barrel on September 9.
Prices of gas oil (Singapore) with 0.5 per cent sulphur, which were ruling at $ 32.03 a barrel on September 3, touched $ 30.73 a barrel on September 5 and moved up to $ 31.20 a barrel on September 9.
Naphtha (Singapore), which was being quoted at $ 28.10 a barrel on September 3, softened to $ 27.88 a barrel on September 5, and moved up to $ 28.08 a barrel on September 9.
Prices of unleaded petrol (fob Singapore), which were ruling at $ 33.75 a barrel on September 3, moved to $ 33.55 a barrel on September 5, and further $ 32.80 a barrel on September 2.
