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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Oil Futures Drop Below $80 for First Time in Eight Months

Oil Futures Drop Below $80 for First Time in Eight Months

4 posters

Go down  Message [Page 1 of 1]

VISA


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Can any one tell with oil @ below 80usd What is price of liter cost price + gov. tax

http://www.bloomberg.com/news/2012-06-21/oil-futures-drop-below-80-for-first-time-in-eight-months.html

CSE.SAS

CSE.SAS
Global Moderator
Oil drops to fresh 8-month low near $80 in Asia

SINGAPORE (AP) — Oil prices dropped to fresh 8-month lows near $80 a barrel Thursday in Asia after the U.S. central bank balked at implementing vigorous stimulus measures to boost waning economic growth.

Benchmark oil for August delivery was down $1.40 to $80.05 a barrel, the lowest since October, at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange.

The contract fell $2.90 to settle at $81.45 in New York on Wednesday.

In London, Brent crude for August delivery was down $1.61 at $91.18 per barrel on the ICE Futures exchange.

The Federal Reserve on Wednesday extended an interest-rate reduction program known as Operation Twist, pledging to sell $267 billion of short-term Treasury bonds and buy longer-term Treasurys through December. However, traders had been hoping for a more aggressive stimulus package known as quantitative easing.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=54974

sanjeewa88

sanjeewa88
Manager - Equity Analytics
Manager - Equity Analytics
@VISA wrote:Can any one tell with oil @ below 80usd What is price of liter cost price + gov. tax

http://www.bloomberg.com/news/2012-06-21/oil-futures-drop-below-80-for-first-time-in-eight-months.html

According to the economic forecast, the world crude oil price will come down by a considerable amount at the end of this year due to the demand factors.

However in Sri Lankan context our trade deficit is increasing rapidly and the government budgetary deficit does not behave accordingly.

The exchange rates are appreciating against the LKR and the US $ has a high probability to touch 145/- soon. But our CB does not accept the truth. They say there is no way to happen that and it should be stable @ 125/-

The government will have to adjust the tax on petroleum products to control the demand and maintain the current price of the petroleum products.

There is no chance to price reduction in petroleum products unless the huge public protesting or a decisive election for the provincial councils.

Finally govt will get a big tax income through the world oil price reduction.

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
i firmly believe the price of petrol should not be reduced.

It would be a mistake....to reduce the price.....if srilanka was near an election i can understand the politicos would have by now reduced it.

if we need to stabilise the dollar and BoP the petrol diesel prices should remain as it is.
Only public transport vehicles/lorries and container carriers should be considered for any concessions.......

If exports are dimmed due to European crisis and rest of the world, we have to maintain the prices at current levels.

i know its not a popular decision,but waht must be done, must be done...

also govt should reduce corruption, and waste ......immediately.
Regards
TAH

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@sanjeewa88 wrote:
@VISA wrote:Can any one tell with oil @ below 80usd What is price of liter cost price + gov. tax

http://www.bloomberg.com/news/2012-06-21/oil-futures-drop-below-80-for-first-time-in-eight-months.html

According to the economic forecast, the world crude oil price will come down by a considerable amount at the end of this year due to the demand factors.

However in Sri Lankan context our trade deficit is increasing rapidly and the government budgetary deficit does not behave accordingly.

The exchange rates are appreciating against the LKR and the US $ has a high probability to touch 145/- soon. But our CB does not accept the truth. They say there is no way to happen that and it should be stable @ 125/-

The government will have to adjust the tax on petroleum products to control the demand and maintain the current price of the petroleum products.

There is no chance to price reduction in petroleum products unless the huge public protesting or a decisive election for the provincial councils.

Finally govt will get a big tax income through the world oil price reduction.
the price of natural gas can start going up due to picking up in demand .....dont forget its summer in most countries,so this can give rise to higher prices in related commodities and we will see oil prices coming to 90$ a barrel...if demand picks up due to low price. and increase consumption

sanjeewa88

sanjeewa88
Manager - Equity Analytics
Manager - Equity Analytics
@traderathome wrote:
@sanjeewa88 wrote:
@VISA wrote:Can any one tell with oil @ below 80usd What is price of liter cost price + gov. tax

http://www.bloomberg.com/news/2012-06-21/oil-futures-drop-below-80-for-first-time-in-eight-months.html

According to the economic forecast, the world crude oil price will come down by a considerable amount at the end of this year due to the demand factors.

However in Sri Lankan context our trade deficit is increasing rapidly and the government budgetary deficit does not behave accordingly.

The exchange rates are appreciating against the LKR and the US $ has a high probability to touch 145/- soon. But our CB does not accept the truth. They say there is no way to happen that and it should be stable @ 125/-

The government will have to adjust the tax on petroleum products to control the demand and maintain the current price of the petroleum products.

There is no chance to price reduction in petroleum products unless the huge public protesting or a decisive election for the provincial councils.

Finally govt will get a big tax income through the world oil price reduction.
the price of natural gas can start going up due to picking up in demand .....dont forget its summer in most countries,so this can give rise to higher prices in related commodities and we will see oil prices coming to 90$ a barrel...if demand picks up due to low price. and increase consumption

Your point is correct. But the economic recession in Europe and low economic growth expectation of China and India are important than the constant demand for natural gas.

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
ye ......thanks for sharing different view points. Very Happy

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