Published on May 9, 2018
There has been continuous hike in crude prices in last few weeks. The prices are expected to jump further as USA announced to impose new and strict sanctions on Iran. It has decided to withdraw itself from the group negotiating with Iran for nuclear deal. This in turn will affect specifically Asian countries like India and China as they are the major importers of Methanol and other petrochemical products from Iran. The rupee (Rs) fell to a 15-month low on 7 May to break Rs.67 levels to the US dollar, and may weaken further in near future.
On contrary to this end-users are willing to pay more in terms of domestic currency to secure cargoes as demand foe certain chemicals is on its peak in this season.
Domestic prices of major petrochemical products in the country have been rising along with import prices, partly due to higher distribution cost, which is fuming high due to the rupee weakness.
