Oil on the boil: What you can expect

Wed Jun 18 2014, 16:19 hrs
Prime Minister Narendra Modi’s warning on “unpopular measures” is seen as an indication that the NDA government may bite the bullet on fuel subsidy reforms with an announcement in the Budget next month. But the Iraq crisis unfolding over the last few days has led to a spurt in global oil prices that could potentially derail the plan. (Photo: AP)
Prime Minister Narendra Modi’s warning on “unpopular measures” is seen as an indication that the NDA government may bite the bullet on fuel subsidy reforms with an announcement in the Budget next month. But the Iraq crisis unfolding over the last few days has led to a spurt in global oil prices that could potentially derail the plan. (Photo: AP)
Retail prices of diesel and petrol will see a rise. Petrol prices are fully decontrolled. (Photo: AP)
Retail prices of diesel and petrol will see a rise. Petrol prices are fully decontrolled. (Photo: AP)
Whole sale inflation and retail inflation will both see a spurt as higher fuel prices will transfer into other commodities. (Photo: AP)
Whole sale inflation and retail inflation will both see a spurt as higher fuel prices will transfer into other commodities. (Photo: AP)
Any spurt in crude oil prices leads to a spurt in inflation that is felt in two rounds – immediate and then after three to four months. (Photo: AP)
Any spurt in crude oil prices leads to a spurt in inflation that is felt in two rounds – immediate and then after three to four months. (Photo: AP)
Government’s subsidy bill for both urea as well as fuel will see a rise as prices of kerosene and cooking gas are administered. (Photo: AP)
Government’s subsidy bill for both urea as well as fuel will see a rise as prices of kerosene and cooking gas are administered. (Photo: AP)
Oil Price Movement: Global crude oil prices have risen over the last one week to their highest level since September 2013
Oil Price Movement: Global crude oil prices have risen over the last one week to their highest level since September 2013
What it looks like: As on June 16, Under recoveries on diesel was R 1.62/ litre, for PDS kerosene at Rs 32.87/litre and domestic LPG at R 432.71/ cylinder.
What it looks like: As on June 16, Under recoveries on diesel was R 1.62/ litre, for PDS kerosene at Rs 32.87/litre and domestic LPG at R 432.71/ cylinder.
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