Now
be ready for petrol, diesel price hike very soon, because Crude oil has
made new high in international market @ $108.13 on NYMEX. Last time it
was $109.32 on 19.07.2013 and after that touched $103.62 on 09.08.2013
and now again $108.13. on 24.02.2012 it was $109.77 which was future
rate on NYMEX and that date USD/INR rate was @ 49.22, so we calculate
crude oil price on that day in Indian currency then it will be $109.77 *
49.22 = 5402 and that day Crude Oil spot price in India was 5310. We
are calculating taking future rate of NYMEX because commodity exchange
in India takes future price of crude oil on NYMEX for settlement purpose
of future contract on commodity exchange in India. But now today Crude
Oil price is $108.13 and USD/INR is @ 67.11, means dollar appreciated by
+36.34% from 24.02.2012. and if you calculate crude oil price in
Indian terms then it will be $108.13 * 67.11 = 7257 and now today on MCX
crude oil is trading @ 7344 and day's high @ 7486, so crude oil price
hiked by +36%. So clear we can see that there Crude Oil Price in
International Market is same like was in Feb 2012 but Dollar appreciated
much bigger and this appreciation is affecting the Crude Oil price as
per Indian terms. Means to say earlier for 1 Barrel of crude oil, there
is need to pay RS. 5402 and now today need to pay Rs. 7344 means has to
pay RS. +1942 extra because of dollar appreciation and price of crude
oil in international market is still remain same as was in Feb 2012. So
there is lot of pressure on oil marketing companies because they are
paying more for purchasing crude from international market.
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