Polls keep price hike at bay

Market Review

 After remaining flat for almost a fortnight, international prices of crude have started rising once again on fears regarding supplies from West Asia following large-scale terrorist attacks in Saudi Arabia and continuing threat to US forces in Iraq.

 However, the domestic consumer of both petrol and diesel has no cause for worry at least till the forthcoming elections to five state assemblies.

 The government is expected to ensure that the prices of these two petroleum products of mass consumption are not raised till these elections are over in the first week of December.

 Therefore, the earliest that the prices of these auto fuels may be revised could be middle of next month, that too if the international prices of crude continue their upwards trend.

 The international benchmark Brent (dated) crude, which was hovering at $28.79 a barrel on November 12, moved up to $ 29.74 a barrel on November 14, and marginally dropped to $ 29.28 a barrel on November 18.

 Jet fuel (Singapore), which was being quoted at $ 36.13 a barrel on November 12, moved up to $ 36.33 a barrel on November 14, and touched $ 36.28 a barrel on November 18.

 Prices of gas oil (Singapore) with 0.5 per cent sulphur, which were ruling at $ 33.75 a barrel on November 12, touched $ 34.35 a barrel on November 14, and moved down to $ 34.05 a barrel on November 18.

 Naphtha (Singapore), which was being quoted at $ 32.65 a barrel on November 12, touched $ 33.88 a barrel on November 14, and moved up to $ 34.13 a barrel on November 18.

 Prices of unleaded petrol (fob Singapore), which were ruling at $ 33.43 a barrel on November 12, moved up to $ 34.48 a barrel on November 14, and further hardened to $ 34.68 a barrel on November 18.