Consumer prices head for a stable phase

Market Review

 With the general strike in Nigeria fizzling out, international prices of crude stayed put around $ 27-28 much to the relief of big importing countries like India.

 However, with fall and winter approaching and Iraqi crude oil production failing to show any appreciable sign of improvement, the market may not soften further in the near future.

 In view of all this, the domestic consumer of both petrol and diesel can look forward to a prolonged spell of stable retail prices.

 In case the prices are revised, these would be more because of fluctuations in currency rates rather than because of volatility in crude oil prices.

 The international benchmark Brent (dated) crude oil, which was being quoted at $ 28.24 a barrel on July 2, softened to $ 27.75 a barrel on July 7 and further to $ 27.70 a barrel on July 8.

 Prices of jet fuel (Singapore), which were ruling around $ 28.80 a barrel on July 2, moved down to $ 28.08 a barrel on July 7, and further to $ 27.83 a barrel on July 8.

 Prices of 5 per cent sulphur diesel (Singapore), which were hovering around $ 28.60 a barrel on July 2, went down to $ 28.45 a barrel on July 7, and further to $ 27.95 a barrel on July 8.

 Naphtha (Singapore), which was being quoted at $ 27.45 a barrel on July 2, marginally moved down to $ 27.43 a barrel on July 7, and to $ 27.10 a barrel on July 8.

 Unleaded petrol (FoB Singapore), which was ruling at $ 32. 30 a barrel on July 2, hardened to $ 32.50 a barrel on July 7, and slid marginally to $ 32.48 a barrel on July 8.