With a backdrop of Dollar going up and leaving Rupee at a record low, domestic fuel prices are bound to be tied to these occurrences. Traders will have difficulty in budget due to Dollar’s price hiking and Benchmark Brent (India’s 1/4th crude importer) declining $90 a barrel to $86.72; including complications in supply after Russia announcing the go in reservists. State run oil companies like IndianOil, Hindustan Petroleum and Bharat Petroleum; have already borne significant losses upto 18000 Cr in Q1, due to stagnant prices, which may keep pump prices on the same page.
