PJ Commodity Ventures' managing director Shreekant Jha expects a correction in the commodity and hence, suggested around Rs 4,700 per barrel levels as a point to buy. He suggested buying gold at Rs 28,500 per 10 grams levels for a target of Rs 29,000 per 10 grams levels.
State-owned oil companies are all set to hike petrol prices by around Rs 3 per litre which will be effective from midnight.
State-owned oil marketing companies are virtually living off borrowed money as their losses on auto and cooking fuel sales have forced them to take loans to meet even day-to-day expenses.
Finance Minister Pranab Mukherjee today said there is inflationary pressure in the economy, even as inflation in the food segment declined marginally.