Oil prices

Fuel prices have been steady since early November when the Centre reduced excise duty on petrol and diesel by Rs 5 and Rs 10 per litre, respectively, apparently as a Diwali gift to the citizens. Since then a lot has happened on the global crude oil price front. Since early November, benchmark Brent crude oil prices have risen 66 per cent to $118 per barrel.

Shell has defended its decision to purchase Russian crude oil despite the invasion and bombardment of Ukraine, BBC reported. The oil giant said in a statement that the decision to purchase the fuel at a discounted price was "difficult". It confirmed that it had bought a cargo of Russian crude oil on Friday but it had "no alternative".

For fresh cues in the coming week, investors would remain focused on the Russia-Ukraine crisis and its impact on crude besides the state elections results of five states that went to polls recently, brokerage house Religare Broking said. On the macroeconomic front, investors would keep an eye on IIP data scheduled to be released on March 11.

The benchmark gauge for world food prices went up in February, reaching an all-time high, led by vegetable oils and dairy products, the UN's Food and Agriculture Organization (FAO) said. The FAO Food Price Index averaged 140.7 points in February, up 3.9 per cent from January, 20.7 per cent above its level a year earlier, and 3.1 points higher than reached in February 2011.

Hostilities between Russia and Ukraine, along with sustained demand, is expected to keep global crude oil prices in the range of $95-to-$125 per barrel in the short term. Consequently, the geo-political crisis-led global hike in crude oil prices is expected to push India's domestic prices of petrol and diesel by Rs 15-22 per litre.

Continuing hostilities between Russia and Ukraine pushed crude oil price to a 10-year high of $119.84 per barrel on Thursday. The global hike in crude oil prices led by the Russia-Ukraine crisis is expected to push India's domestic prices of petrol and diesel by over Rs 22 per litre.

Shares of the Gujarat Mineral Development Corporation (GMDC) jumped 16 per cent on Thursday in line with rising global commodity prices – crude oil and other industrial metals. Global crude oil prices hit multi-year highs due to the ongoing war between Russia and Ukraine, and any sharp rise in crude prices has a direct bearing across the board.

Shares of state-run Oil India jumped nearly 10 per cent on Wednesday due to skyrocketing global crude oil prices. Lower supplies as well as hostilities between Russia and Ukraine pushed Brent crude oil price to nearly an 8-year high at $111 per barrel. In just the last two days, crude prices have risen nearly 15 per cent. At present, Russia is the third largest producer of crude oil in the world and sanctions against Russia may hurt global supply.

The Russia-Ukraine crisis-led global hike in crude oil prices is expected to push India's domestic prices of petrol and diesel by Rs 20-22 per litre. However, an excise duty cut may dampen the impact on petrol and diesel prices to an extent, but not entirely.The crisis as well as fears of lower supplies have pushed Brent crude oil price to nearly an 8-year high on Wednesday.

Oil prices jumped to multi-year highs as the Russia-Ukraine conflict continued, prompting fears about energy supply disruptions from key exporter Russia. The West Texas Intermediate (WTI) on Tuesday for April delivery added $7.69, or 8 per cent, to settle at $103.41 a barrel on the New York Mercantile Exchange. It marked the highest settlement for a front-month contract since July 2014, according to Dow Jones Market Data.