(LiveMint)
State run Oil and Natural Gas Corporation (ONGC)expects crude oil prices to continue their upward trajectory in the backdrop of impending Iran sanctions and declining production in Venezuela. Speaking at India’s largest exploration and production firm’s annual general meeting on Friday, Shashi Shanker, chairman and managing director said, “Within a period of two years, the trajectory of prices changed dramatically. A barrel of crude in early 2016 fetched just about $30; by the end of 2017 it had already more than doubled.”
A high crude oil price projection by ONGC that accounts for 73% of India’s oil and gas production comes in the backdrop of Brent crude oil spot prices breeching the $80 per barrel mark. S&P Global Ratings said in a recent report that the agency expected Brent price to be at $70 for the rest of 2018, $65 for 2019 and $60 for 2020.
Also, retail diesel and petrol prices in India continue to set new records every other day. Transportation fuel prices touched a new high on Friday, with diesel and petrol prices reaching Rs 74.42 per litre and Rs 83.22 per litre in Delhi respectively at state run Indian Oil Corporation’s outlets. Petrol and diesel now cost Rs 90.57 per litre and Rs 79.01 per litre.
