Quote on Escalation in hostilities between Iran and the US by Prashant Vasisht, and Co-Group Head, ICRA Ltd
Below the Quote on Escalation in hostilities between Iran and the US by Prashant Vasisht, Senior Vice President and Co-Group Head, Corporate
"With escalation in hostilities between Iran and the US, Brent prices have crossed the $100/barrel mark today and the Indian crude basket is at ~$109/barrel. At the average price for the month of September till date, marketing margins on petrol are negative Rs. 5/liter and diesel at negative Rs. 23/liter and under recoveries on domestic LPG are at Rs. 200/cylinder. If the current geo-political situation persists, crude oil prices could rise further given that several countries including China were tapping their strategic reserves for a significant proportion of their consumption and their return to the market could increase demand in a period of restricted supplies."
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