Brent crude price touches $80/bbl amidst escalating tensions in the Middle East & attacks on oil containers in the Red Sea. Sources from Indian oil marketing cos tell Sapna Das a fuel price cut is unlikely if crude prices remain above $75/bbl.
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Now Brent crude price is touching $80 a barrel amidst escalating tensions in the Middle East and attacks on oil containers in the Red Sea sources in India’s oil marketing company say that a fuel price cut is unlikely if crude prices remain above $75 a barrel sapna standing by with more details so sapna
Uh you know there was a lot of expectation and a lot of hope that with crude prices seeing a significant easing we could see a price cut here at the retail tail end as well but now with crude prices inching back up closer to $80 a barrel uh is that perhaps going to
Be pushed back a bit well that’s most likely however we need to note that the window is not completely closed so what we understand very clearly from industry players is that they’ll be more comfortable uh if the crude oil price settles back below uh $75 a barrel
Preferably in the 72 to 73 odd range and you know that remains there on a sustained basis now sustained over here of course would be like you know at least a 2 to 3 week window uh so that needs to be seen second of course they’re also talking about the fact that
You know as you rightly pointed out because of the Red Sea crisis that uh uh you know a price cut uh possibility will have to be reconsidered that that has got precipitated uh the reconsideration has got prec precipitated because of geopolitical tensions so going forward two factors are going to be uh critical
Geopolitical stress as well as uh the volatility in the C oil prices both are interconnected to a to a large extent so that’s where uh you know industry players uh their comfort would be that if both things are stable uh that’s when they will be able to look at something
But as I just said in the beginning uh you know uh it’s election time so nothing is really closed out or nothing is really cancelled we just have to wait and watch and see how this really pans out but at the moment industry players are very clear that both these factors
Uh the geopolitical stress as well as crude coming back to under 75 and sustaining there uh these are the factors driving them in terms of the decision making hence uh do not expect a price cut immediately well uh as Sap’s pointing out the window continues to be
Open and of course prices will be monitored if crude continues to stay above $75 a barrel the case for a cut is perhaps going to be pushed back but if we see crude prices easing below 75 or around that level at a sustainable basis then perhaps we could see prices being
Cut here at the retail end time for us to head up into a break
1 Comment
This aged well 👀