Indian Refiners Freeze Domestic Jet Fuel Prices
Danish Shipyard Remains Key Lifeline for Russia’s Yamal LNG Fleet Indian refiners have frozen the price of jet fuel for domestic flights after airlines asked for a respite from fuel price hikes, Bloomberg hasreported, adding that in April, jet fuel prices jumped by 8.6% in response to tighter supply.
In an additional concession to airlines, Indian fuel makers also reduced the price of jet fuel for international flights, the report also said, citing unnamed spokespeople from state-owned refiners.
Indian Oil Corp., Bharat Petroleum Corp, and Hindustan Petroleum Corp.
have hiked fuel prices four times in the past month in response to the Strait of Hormuz crisis.
These are the first fuel price hikes in four years in India, as the government has taken pains to insulate consumers from the fluctuations in global oil markets.
India depends on imported crude for over 80% of its consumption.
The world's third-largest crude importer saw its wholesale inflation jump to 8.3% in April from a year earlier because of the Middle Eastern war and its impact on global oil supply.
This was a significant acceleration from 3.88% annual inflation in March, driving wholesale fuel prices higher.
These surged in April, with gasoline prices up by 32.4% and diesel prices up by 25.19%.
That’s up from a monthly rise of 2.5% for gasoline in March, and 3.62% for diesel.
At the end of May, Kpler analystsreviseddown their demand projections for India by as much as 39% for this year, expecting growth of just 77,000 barrels daily, down from earlier forecasts of 128,000 barrels daily.
That’s despite a sanction waiver on Russian crude, which accounts for a third of India’s total oil imports and which the United States has extended twice already.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
Comments
Post a Comment