Just as crude prices fell Friday for a 10th consecutive session, posting longest losing streak in three decades, industrialist Anand Mahindra said he experienced like watching a boxing match in which oil received a knockout punch much to the delight of the Indian economy. “Feel like I’m watching a boxing match, waiting for the referee’s count after oil’s been given a knockout punch. I’m cheering because it’s great news for the Indian economy.Let’s not miss the opportunity to revive sentiment by giving relief to consumers&also getting fiscal relief,” said Anand Mahindra.
In just about a month, the crude oil prices have slumped into a bear market after hitting record highs putting pressure on the Indian economy, as the oil subsidy bill shot up. “As OPEC exports continue to rise, inventories continue to build, which is putting downward pressure on oil prices,” Reuters reported citing analysts at Bernstein Energy said. “A slowdown in the global economy remains the key downside risk to oil,” they also said.
Meanwhile, the oil marketing companies (OMCs) didn’t raise the petrol and diesel prices for 26th straight day on Saturday. The petrol and diesel prices in Delhi are Rs 77.89 per litre (decrease by Rs 0.17) and Rs 72.58 per litre (decrease by Rs 0.16), respectively. The petrol and diesel prices in Mumbai are Rs 83.40 per litre (decrease by Rs 0.17) and Rs 76.05 (decrease by Rs 0.17), respectively. In Kolkata, petrol can be purchased at Rs 79.81 per litre and diesel at Rs 74.44 per litre today. The petrol can be availed at Rs 80.90 and diesel at Rs 76.72 in Chennai today.