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| Only the government, or perhaps the domestic oil marketing companies, can explain how retail prices of petrol and diesel were slashed last week at a time when the international prices of crude oil were moving up.
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| In case it was done with an eye on the forthcoming elections in five states, the Indian consumer should wish for elections every fortnight.
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| However, fortunately for the government and the oil companies, the international prices of crude have been softening in the past week. Analysts are of the opinion that the prices have been weighed down on speculation over a further pick up in US inventories.
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| They say a renewed uptrend in the price of crude is unlikely as the market is unsure whether OPEC and non-OPEC countries will actually move to slash production in coming months. At the moment, the possibility of a supply shortage appear to be limited.
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| The international benchmark Brent (dated) crude, which was hovering at $31.23 barrel on October 15, moved down to $ 31.23 a barrel on October 17, and slid further to $ 29.69 a barrel on October 21.
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| Jet fuel (Singapore), which was being quoted at $ 34.93 a barrel on October 15, moved up to $ 34.98 a barrel on October 17, but came down to $ 34.45 a barrel on October 21.
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| Prices of gas oil (Singapore) with 0.5 per cent sulphur, which were ruling at $ 33.20 a barrel on October 15, touched $ 33.65 a barrel on October 17, and moved down to $ 32.85 a barrel on October 21.
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| Naphtha (Singapore), which was being quoted at $ 31.25 a barrel on October 15, touched $ 31.15 a barrel on October 17, and moved down to $ 30.15 a barrel on October 21.
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| Prices of unleaded petrol (fob Singapore), which were ruling at $ 35.30 a barrel on October 15, softened to $ 35.20 a barrel on October 17, and moved down to $ 34.38 a barrel on October 21. |
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