Can oil companies look away?
As crude oil prices are headed down, proper pricing is needed to align with market dynamics, analyses K. Raveendran.
The elusive achhe din no longer holds out any promise; nor causes disappointment. We have become so used to the facts and tragedies of life that it no longer perturbs us. But suddenly there seems to be sufficient reason to feel optimistic about the possibility of some good days ahead, especially in the domain of petrol and fuel prices, which have been creeping up without our notice or attention. After the introduction of dynamic fuel prices, which involves the daily revision of retail prices on the basis of the prevailing international crude oil prices, petrol prices, for instance, have gone up by Rs 5.42 per litre in Delhi. It is a different matter that retail prices are higher compared to the days when crude oil prices were at the levels of $140 a barrel. Now crude oil costs a neat $100 lesser and faces the prospects of further falls.