Crude prices of Indian basket up; prospects for economic revival dim
Updated: Jun 19, 2014 12:52:03pm
New Delhi, Jun 19 (KNN) Amidst tensions in Iraq, the international crude oil price of Indian basket went up further to USD 11.25 per barrel raising the possibility of the prices of petroleum products and high speed diesel going up in the domestic market with an impact on the economy, more so for the SMEs which depend increasingly on generating sets for power.
As per the Ministry of Petroleum and Natural Gas data, the prices of Indian basket of crude oil went up to USD 111.25 per barrel (bbl) on June 18, against USD 110.31 per bbl on the previous day.
Thanks to rupee holding ground against the hard currencies, the prices increased marginally to Rs 6688.35 per bbl on June 18 compared to Rs 6659.41 per bbl on the previous day.
The geo-political situation in the Middle East is quite precarious with the oil installations and supplies getting hit due to a war like situation in Iraq between the government forces and the militants.
The adverse global circumstances have unfolded when the Indian agriculture sector, the backbone of the country, is battling deficient monsoon while the new government of Prime Minister Narendra Modi has to wage a war against inflation, particularly of food items. Ironically, these factors will again push the agenda of economic revival on the backburner and the situation may get worse for the MSMEs.
With the power crisis gripping several parts of India, the small and medium firms are hard pressed to buy diesel for running their generating sets for keeping the production line on. However, this is telling on their competitiveness both in the domestic and export markets. (KNN Bureau)
As per the Ministry of Petroleum and Natural Gas data, the prices of Indian basket of crude oil went up to USD 111.25 per barrel (bbl) on June 18, against USD 110.31 per bbl on the previous day.
Thanks to rupee holding ground against the hard currencies, the prices increased marginally to Rs 6688.35 per bbl on June 18 compared to Rs 6659.41 per bbl on the previous day.
The geo-political situation in the Middle East is quite precarious with the oil installations and supplies getting hit due to a war like situation in Iraq between the government forces and the militants.
The adverse global circumstances have unfolded when the Indian agriculture sector, the backbone of the country, is battling deficient monsoon while the new government of Prime Minister Narendra Modi has to wage a war against inflation, particularly of food items. Ironically, these factors will again push the agenda of economic revival on the backburner and the situation may get worse for the MSMEs.
With the power crisis gripping several parts of India, the small and medium firms are hard pressed to buy diesel for running their generating sets for keeping the production line on. However, this is telling on their competitiveness both in the domestic and export markets. (KNN Bureau)
Loading...
