Petrol

The recovery, it said, should support higher throughput at most rated oil marketing companies. "We expect strong prices to improve the financial profiles of upstream oil and gas companies," the ratings agency said. "We forecast capex to stay high as oil marketing companies expand their refining capacity and retail networks, and upstream companies enhance production."

Accordingly, diesel and petrol prices in Delhi stood at Rs 86.67 per litre and Rs 95.41 per litre, respectively. In the financial capital Mumbai, the prices were unchanged at Rs 94.14 and Rs 109.98. Prices also remained static in Kolkata at Rs 89.79 and Rs 104.67.

Besides, rising trade deficit along with fears of US tapering measures are likely to hamper any appreciation move. However, the downside will be capped by lower oil prices. "Rising trade deficit and taper had it's toll on rupee. Continuos FPI pull out from equities has been countered by IPO inflows so far, and may continue for some more time," said Sajal Gupta, Head, Forex and Rates, at Edelweiss Securities.

Accordingly, diesel and petrol prices in Delhi stood at Rs 86.67 per litre and Rs 95.41 per litre, respectively. In the financial capital Mumbai, the prices remained unchanged at Rs 94.14 and Rs 109.98 respectively. Prices also remained static in Kolkata at Rs 89.79 and Rs 104.67 respectively.

Accordingly, diesel and petrol prices in Delhi stood at Rs 86.67 per litre and Rs 95.41 per litre, respectively. Notably, prices of petrol in Delhi had been static at Rs 103.97 per litre since the past one month. Prices have fallen in Delhi as it reduced the value added tax on the fuel from 30 per cent to 19.40 per cent. This decision was taken during a Cabinet meeting chaired by Chief Minister Arvind Kejriwal on Wednesday.

New rates will come into effect from midnight. This decision came after Chief Minister Arvind Kejriwal chaired a Cabinet meeting this morning. Currently, the petrol is being sold at Rs 103.97. In early November, the Centre had reduced petrol and diesel rates by Rs 5 and Rs 10 per litre respectively. Post the move, the Opposition parties in Delhi have been urging the AAP-led state government to cut VAT on petrol by at least Rs 10 per litre.

On a sequential basis, the Index of Eight Core Industries' (ICI) readings for last month showed a faster rate of expansion at 7.5 per cent (provisional) from a rise of 4.5 per cent (provisional). Similarly, on a year-on-year basis, the ICI readings during the period under review was higher than (-) 0.5 per cent reported for October, 2020. The ICI index comprises 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP), and comprises coal, crude oil, natural gas, refinery products, fertilisers, steel, cement, and electricity.

It is noteworthy to mention here that prices of the petrol and diesel have been untouched post the revision of duties by the Centre and state governments in early November. Accordingly, diesel and petrol prices in Delhi remained static at Rs 86.67 per litre and Rs 103.97 per litre, respectively on Tuesday.

The trend has not only hurt the economically weaker section of the society but has lately been cited to impact the savings rate of the well-off. The biggest impact of inflation is that it affects the purchasing power of the fixed income groups as they can buy less compared to what they were buying earlier. However, even as consumer price-based inflationary pressure has eased lately on a macro level.

Of the 50 million barrels, 32 million barrels will be an exchange over the next several months, releasing oil that will eventually return to the SPR in the years ahead, Xinhua news agency quoted the White House as saying on Tuesday. Meanwhile, 18 million barrels will be an acceleration into the next several months of a sale of oil that Congress had previously authorised, it added.