Amid the ongoing Red Sea crisis, the hope for a reduction in fuel prices is under threat, according to industry sources closely monitoring the situation. The escalation of geopolitical tensions in the region has prompted a reconsideration of earlier expectations.
According to industry insiders, the recent surge in crude oil prices, escalating from $73 to $80 per barrel, has injected complications into the previously optimistic outlook. While initial projections hinted at a possible fuel price reduction, the current geopolitical landscape has altered the equation.
Sapna Das with the details.
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Fact sources in India’s all marketing companies say a fuel price cut is unlikely if crude prices remain above $75 a barrel my colleague sapna Das is joining us with more details sa now well what we are given to understand very clearly from industry players is the fact that they may have to
Reconsider uh any possibility of an imminent fuel price cut and that’s because of the situation in Red Sea uh you know a few days back crude oil had fallen to around $73 odd dollars a barrel which had given rise to this hope that uh uh a fuel price cut could be
Imminent but since then it has gone back to the 80 odd dollar level omcs very much want the crude prices to be back under the $75 Barrel level uh preferably around 72 to 73 would be uh a right band for them as far as taking a decision on
The on a fuel price cut is concerned and not just that they would want the prices to be stable you know on a sustained basis maybe around two to three odd weeks uh is a good window for them uh you know in order to measure that sustain stability uh so given both these
Facts geopolitical tensions need to be kept a close watch at volatility in crude oil prices and within that uh you know crude coming back to the under $75 Barrel level is is what omcs are looking at so it’s most likely that a fuel price cut is not imminent at the moment but
The window doesn’t close the window does remain open depending on these factors how they play out play out over the next few days or next few weeks and plus it’s an election year so uh you know that possibility can never be ruled out in terms of some relief being given to
Consumers but yes safe to say at the moment the possibility is nil okay there is a possibility all marketing company stocks they were in Focus up anywhere between 6 to 9% yesterday Now