S Varadarajan, director-finance of BPCL denies any political pressure in the petrol price cuts. Speaking to CNBC-TV18, he says that from hereon, petrol prices can be expected to be revised regularly on a fortnightly-basis.
World stocks held above a recent 11-month low on Monday while oil prices slipped as investors concerned about a global economic downturn stayed away from buying risky assets.
JP Morgan raised its oil price forecasts for second half of 2011 and 2012, due to the impact of the International Energy Agency's (IEA) decision to release strategic crude stocks together with shifts in Middle East Gulf crude oil exports.
Deutsche Bank cut its oil price forecasts for the second half of 2011 citing weaker economic growth and the IEA SPR release.
Even though global markets are experiencing volatility, Mark Konyn, CEO, RMS Asia Pacific tells CNBC-TV 18 that he expects a slight relief rally.
Andrew Holland, CEO of Equities at Ambit Capital tells CNBC-TV18 that investor sentiment has been affected due to negative global newsflow such as the tragic events coming out of Japan as well as the Middle East crisis. He says the price of oil remains a key concern for emerging markets like India.
Unrest in Libya and the surging oil prices have been creating a bearish impact on the indices. However, things seem to be changing with crude prices expected to come down going forward, says Deven Choksey managing director of KR Choksey Shares and Securities.
Alan Greenspan feels that as a leading indicator, global oil prices are a very useful statistic. However, he added that there was no question (at this stage) that the momentum of this economy, leaving out the oil price issue, the euro problems that have emerged and very specifically and the budget problems, is really beginning to pick up momentum.
The US Federal Reserve and European Central Bank may go their separate ways if Middle East unrest provokes a sustained, inflationary oil price spike.
OPEC's leading oil price hawk Iran joined Venezuela and Libya on Sunday to say it saw no need for the cartel to consider raising crude supplies to rein in crude prices now near USD 100 a barrel.