Cheaper crude promises pre-Puja price cut

Market Review

 After a substantial hike in the prices of petrol and diesel on August 31-September 1, the government could have given some relief to the domestic users of the two automobile fuels at the time of the last price revision on September 15 since their international prices had declined marginally.

 However, in case the trend continues this fortnight as well, the domestic users could look forward to a happy festive season next month.

 In the international crude oil market, prices held steady since traders are awaiting the release of fresh data on levels of US fuel stocks, which are expected to show gains across the barrel.

 The market is also keeping a close watch on Hurricane Isabel, which is expected to hit the north American continent later this week and might cause some refineries in its path to reduce operating rates as a precaution. The slower-than expected recovery of Iraq