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Petrol prices set to rise

Pradeep Puri in New Delhi | August 28, 2003 08:58 IST

The coming week may see an increase in the domestic prices of petrol and diesel with the international prices of crude oil continuing to hold firm at around $30 a barrel.

Speculative hedge funds have been building up large long positions in recent weeks encouraged by growing signs of economic recovery in the United States and Japan, both big oil importers.

Delays in the post-war recovery of Iraq's oil sector have held stocks in major consuming countries below normal levels and pushed prices back to the area that some analysts warn can hurt economic growth.

The international benchmark Brent (dated) crude, which was hovering at $29.15 a barrel on August 20, moved up to $30.38 a barrel on August 22, and softened to $30.05 a barrel on August 26.

Jet fuel (Singapore), which was being quoted at $33.15 a barrel on August 20, hardened to $34.38 a barrel on August 22, and further moved up to $34.48 a barrel on August 26.

Prices of gas oil (Singapore) with 0.5 per cent sulphur, which were ruling at $31.30 a barrel on August 20,  touched $32.55 a barrel on August 22, and marginally moved up to $32.53 a barrel on August 26.

Naphtha (Singapore), which was being quoted at $28.88 a barrel on August 20, hardened to $30.58 a barrel on August 22, and but moved down to $30.38 a barrel on August 26.

Prices of unleaded petrol (fob Singapore), which were ruling at $35.20 a barrel on August 20, moved to $35.40 a barrel on August 22, and further hardened to $35.43 a barrel on August 26.


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