Crude below $100: Will petrol and diesel prices change?

Brent crude slipped below $100 a barrel on October 6.

Petrol and diesel prices in Delhi were unchanged at Rs 102.12 and Rs 95.20 a litre.

Retail fuel prices in India do not move daily with crude.

Oil marketing companies adjust them less often.

The reports did not mention any planned change.

Tanker and Houthi-related security risks remained, according to the same report.

The Sunday Guardian described Brent as hovering near $100, with Middle East supply and Gulf tensions driving crude markets.

Indian markets rose on the day, and Business Today listed the fall in Brent below $100 as one of the factors.

The Sensex rose 685 points to close at 73,067.81 and the Nifty gained 220 points to 22,776.10.

Business Standard’s preview of the RBI’s policy meeting put crude near $107 in the backdrop, so the fall below $100 is a notable move.

The RBI’s Monetary Policy Committee announces its decision on Wednesday, October 7, and inflation stood at 4.82% in the preview.

A weak rupee and high crude prices have been part of the backdrop for the policy decision, according to Business Standard.

Petrol and diesel prices in Delhi were unchanged on October 6 at Rs 102.12 and Rs 95.20 a litre, according to Business Today and HDFC Sky.

Retail fuel prices in India do not move daily with crude, because oil marketing companies adjust them less often.

Brent is the international benchmark for crude oil, and WTI is the main US benchmark.

Brent usually trades at a premium to WTI, and the gap on October 6 was about $11 a barrel.

A strategic petroleum reserve is government-held emergency stock that can be released to ease a supply shortage.

The G7 is a group of seven large advanced economies that coordinate on issues including energy supply.

The Houthis are a Yemen-based group whose attacks on shipping have affected tanker routes in the region.

Crude oil storage (representative image), Wikimedia Commons, public domain