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21
Jan
2019
Publication:Cogencis

"The focus is shifting towards Federal Reserve meeting on Jan 29-30," said Abhishek Bansal, chairman of Abans Group of Companies.

"The Federal Reserve has already sent a clear signal that it won't be moving quickly to raise interest rates in 2019 and low rates are helping gold."


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15
Jan
2019
Publication: NDTV Profit

Abhishek Bansal, founder and chairman, ABans Group of Companies:

"India is working towards reducing its dependence on imported fuel and promoting electric vehicles in a phased manner... The government is keen on expanding waterways transport, electrical vehicles and promoting solar energy on a large scale with private and public sector partnership."

"Other than transport fuel, the government is also working in the direction of promoting bio-CNG for domestic consumption. Although the current budget allocation is low, the government may increase investments in this sector as well."

"We believe that being into an election year, the government may put some light on how petroleum products can be brought under GST, although it does not look feasible at present to bring oil under GST as many state governments are opposed to it."

"Brent oil prices are recovering from a recent low… and are projected to be in the broader range of $60-$70 for the year 2019, which is likely to prove as a significant challenge going forward."


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06
Jan
2019
Publication: Moneycontrol

"We are seeing a short term bottom near $50 a barrel in Brent oil. A further move is seen above $55.40 per barrel towards its next level of resistance near $58.20-62. Further bullishness is seen over an OPEC production cut and drops in US crude inventory other than a drop in Canada rig count," Abhishek Bansal, Chairman of ABans Group of Companies, said in a statement.


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01
Jan
2019
Publication: Cogencis

"Gold may remain firm in the near term, above $1,242 per ounce following a correction in US equities and fragility in dollar index from the current level," Abhishek Bansal, chairman of ABans Group of companies, said.

ANALYSTS/TRADERS DOMESTIC PRICE INTERNATIONAL PRICE
(rupees per 10 gm) ($ per ounce)
ABans Group of Companies 30,824-32,318 1,242-1,316

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30
Dec
2018
Publication: The National, UAE

"General elections could add some uncertainty and spice," says Abhishek Bansal, the founder and chairman of Abans Group of Companies, a financial services group based in Mumbai. "[But] benign inflation, helped by softer crude oil prices, points towards a healthy economic outlook. The coming year is expected to be positive for Indian markets and the economy."


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26
Dec
2018
Publication: The Finapolis

Abhishek Bansal

As a number of geopolitical events rocked the globe, the commodities market remained volatile during 2018. Crude oil prices surged when US President Donald Trump announced sanctions on Iran. Industrial metals along with silver and copper slummed as the US went on a tariff war with China and other countries. Natural Gas was the only commodity which has given significant returns after a wild trading move in November over cold weather conditions in the US. Natural gas inventories dwindled to a 15-year low in November.

Commodities performance during 2018

Commodities Global India
Gold -6.5% 6.6%
Silver -16.2% -4.7%
Copper -17.2% -10.0%
Nickel -15.1% -3.2%
Crude -10.2% -14.1%
Natural Gas 22.4% 39.7%

(From 29 Dec 2017 to 19 Dec 2018)

The global economy expanded at a slower pace as different economic data suggested a fall in GDP numbers in China, Europe and other economies, and this affected metals the most. The most important event that shook the metals market was the trade war between US and China and other nations which has slowed the growth outlook for next year as well. Copper lost almost 17% this year so far while silver, which is mostly used in electronics, lost nearly 16%.

The US slapped tariffs on US$250 billion worth of Chinese products and threatened tariffs on US$267 billion more. China retaliated and set tariffs on US$110 billion worth of US goods, and threatened qualitative measures that would affect US businesses operating in China. It was only in the end of the year that both the countries agreed to suspend trade tariffs for 90 days and engage in discussions to resolve the issue.

Precious metals, gold in particular, remained negative in the first half of 2018, but recovered in Q4. Sentiments may change to the positive early next year as investor interest is seen returning to gold as the end of the Federal Reserve's tightening cycle approaches. Base metal prices are likely to improve in the first half of 2019 calendar year on account of solid spot market conditions and improvement in the global markets. Strong demand for nickel would make the metal more valuable in the coming year though prices slumped in 2018 mainly due to higher production and lower demand triggered by the US-China tariff war. Nickel in electric vehicle batteries will witness demand growth next year and the current slump provides a reasonable opportunity to accumulate the metal.

In the global oil sector, uncertainties rose in lieu of the US sanctions on Iran oil exports from November 4. Countries trading with Iran were forced to cut oil imports. Subsequently, eight countries were given sanction waivers under certain conditions. Russia, US and Saudi pumped highest oil production to compensate for the Iran deficit. Crude oil lost almost 36 per cent from the highest level of October 2018 with a net loss of 10 per cent in comparison to the previous year. A moderate recovery in oil prices is likely from current levels as OPEC agreed to cut oil production marginally in H1'2019. Oil demand is not expected to recover in early 2019 due to the US-China tariff war.

Volatile trading and panic buying after the US natural gas inventory dropped to a 15-year low are reasons behind the sharp recovery in natural gas prices. The markets were expecting warmer weather conditions during this winter, but were faced with exceptionally cold winters, due to which the inventory started drying up. Though it looks more of a short term seasonal development, natural gas may remain volatile in the early months of 2019 during the winter season.

The author is the chairman of Abans Group of Companies


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25
Dec
2018
Publication: DNA

According to Abhishek Bansal, founder and chairman of currency derivative and broking firm ABans group, the US and China will be discussing tariff issues for 90 days after the G-20 meeting on December 1, and if they are able to resolve all pending issues, it may support the world economy and a rebound can be seen in oil demand.


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Print Media

Oil prices may stay steady next year

23
Dec
2018
Publication: The National, UAE

"The first positive outcome of this appointment is that there will be no personal opinion conflict between the government and the RBI, and decision-making will get smoother," says Abhishek Bansal, the chairman and managing director of ABans Group, a financial services company based in Mumbai.

He says that the government's expectations of the RBI are reasonable given the economic situation.

"The government needs the RBI’s help in infusing liquidity into the banking system and also to sort out debt defaults and bad loans," says Mr Bansal.

"A change in RBI's policy stance from hawkish (pro-rate hike) to neutral is a much awaited decision as growth is slowing and inflation is flattening," says Mr Bansal.


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21
Dec
2018
Publication: Business Standard

"Upcoming New Year-Christmas holidays and the absence of wedding dates in the rest of the month may not attract traditional buyers until the second week of January," said Abhishek Bansal, chairman of Mumbai-based brokerage ABans Group.


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21
Dec
2018
Publication: Reuters

"Upcoming New Year-Christmas holidays and the absence of wedding dates in the rest of the month may not attract traditional buyers until the second week of January," said Abhishek Bansal, chairman of Mumbai-based brokerage ABans Group.


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11
Dec
2018
Publication: Economic Times

Abhishek Bansal of Abans Group said Monday’s event had increased risks to the downside.


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Print Media

Urjit Effect: Bank Nifty could open 500-600 points gap-down

11
Dec
2018
Publication: Business Standard

"We believe that if Indian rupee drops to these levels then it will increase import cost of oil and the benefit which India was getting from lower oil prices may not last long. Brent oil may consolidate in the broader range of $57.50-$64.40, OPEC meeting to remain in focus. Global economic growth is looking slightly positive post the US-China tariff talk while OPEC oil production cut may boost prices from current levels," said Abhishek Bansal, chairman, ABans group of companies.


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Print Media

You may have to pay more for petrol, diesel again due to Opec output cut

07
Dec
2018
Publication: Deccan Chronicle

"Opec members are inclined for a production cut however there is no consensus on actual quantum. Opec needs to bring Russia on board for a production cut policy and 2-day meeting starting from today will give fresh direction to crude oil," said Abhishek Bansal, chairman, Abans Group.


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07
Dec
2018
Publication: The Asian Age

"Opec members are inclined for a production cut however there is no consensus on actual quantum. Opec needs to bring Russia on board for a production cut policy and 2-day meeting starting from today will give fresh direction to crude oil," said Abhishek Bansal, chairman of Abans Group.


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Print Media

05
Dec
2018
Publication: Moneycontrol

Abhishek Bansal

Spot prices of gold in the international market hit their highest level in three weeks on December 4 as fears of a US-China trade war cooled off, resulting in the dollar index coming off its highs.

Safe haven demand, which lifted the US dollar when fears of a trade war were rampant, is now cooling off as the US and China are in talks to resolve tariff issues, and comments from the US Federal Reserve indicate that interest rates are near the end of the tightening cycle.

These events are providing fresh opportunities to gold investors. If interest rates remain lower, then the cost of holding gold will come down and dollar will fall further.

International spot gold prices bounced back from their recent low of $1,216.80 per ounce as the dollar index corrected from its recent high of 97.45.

Domestic gold prices are also following a similar positive trend as the rupee appreciated to 69.58 per dollar recently, keeping prices supported at lower levels.

G-20 meeting outcome

Trade tensions between the US and China are cooling off post the G-20 summit. US President Donald Trump and his Chinese counterpart Xi Jinping agreed not to introduce any new tariffs for the next 90 days.

Trump said China has agreed to "reduce and remove" tariffs on American cars from the current bracket of 40 percent. The dollar index reacted negatively to this development, supporting an uptick in gold and risky assets. However, the outlook is turning negative for gold as geopolitical tension lightens.

CFTC Report

As per the latest US CFTC report for November 27, speculators increased their net short positions in gold by 8,464 contracts to 51,828.

Brexit vote on December 11

UK parliament will vote over Brexit on December 11, after five days of debate. If Britain passes the bill, then the European Parliament will get a vote before Brexit day which is in 2019 March. If Britain’s PM Theresa May fails to pass the bill in Parliament, then the opposition is likely to prepare for a no-confidence motion. This uncertainty is likely to keep gold prices buoyant in the short term.

Fed Meeting on December 19

Minutes from FOMC November meeting indicate another interest rate hike should be expected. However, Fed officials also kept the debate open on when the US central bank might pause its monetary tightening and how it would relay those plans to the public. The next meeting is scheduled for December 18 and 19. We are closely watching the Fed's next step.

Physical buying in India

Indian gold demand shines last week as local gold prices dropped to their lowest level in six weeks by Rs 2,173 per 10 gram or 6.73 percent from the recent high, as rupee got strength against the US dollar after a sharp decline in oil prices.

Indian Gold prices follow USDINR direction closely as India imports nearly 700-800 tonnes of gold annually. The RBI meeting scheduled for this week is likely to give a fresh direction to the Indian Rupee.

Outlook

International Spot Gold prices bounced from recent lows after the meeting between US and China during the G-20 summit. The precious metal is facing stiff resistance near $1,238 while important support is seen near $1,195.

Gold prices are likely to find fresh direction from non-farm payroll data this week and the Fed meeting later on December 19. A break out above $1,238 may push the counter towards $1,252-1,266 in the near term as long as it remains above $1,216.80.

MCX Gold February month expiry contract has broken a key resistance level near Rs 30,880 which may push prices towards next level of resistance around Rs 31,330-31,800 in the near term as long as it remains above the key support level of Rs 30,460. Any major correction in the Indian rupee from current levels poses a risk to our view.

Trading strategy

MCX Gold Feb expiry contract can be bought near Rs 30,880-30,800 range with a closing stop loss below Rs 30,460 for a target of Rs 31,330-31,800.

(The author is Chairman of the ABans Group of Companies)


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03
Dec
2018
Publication: Financial Chronicle

"The speed at which prices have fallen is raising everyone's eyebrows," said Kayomarz Sadri, analyst with ABans Group.

"However, if crude prices fall below a certain level, oil rigs also use cheaper alternatives," said Sadri.


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Print Media

Select agri commodity prices witness sharp fall

30
Nov
2018
Publication: Moneycontrol

Furthermore, experts at ABans Group of companies believe that investors are now focusing on RBI meeting to discuss monetary policy. The question of increasing liquidity in the bond market after IL&FS fiasco is a bigger challenge, they said.

In the meeting held on October 5, RBI left the rate unchanged but the stance changed from 'neutral' to 'calibrated tightening'.

"We expect that RBI will continue a similar approach in the December 5 meeting. Recent inflation data supports this move and the next bigger moves may come in the February 19 meeting, if the inflation picks up from here. The rupee is eyeing 200-day moving average (DMA) near 68.73 per US dollar in the near term as long as it continues to remain below 71.10 per US dollar," Abhishek Bansal, Chairman of ABans Group of Companies said.


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28
Nov
2018
Publication: Moneycontrol

Abhishek Bansal:

International gold prices are hovering around $1,233-1,227 range even as fresh directions are awaited from key events such as G-20 summit and Fed meeting in December. Domestic prices are under pressure from continued strength in Indian rupee.

US dollar index has surged to 97.53 in November due to the expectation of an increase in interest rates which have pulled investor money out of other currencies and positive US economic data supporting safe-haven appeal for the dollar instead of gold.

Gold will get further direction from the next meeting which falls on December 18 and December 19.

US President Donald Trump and Chinese President Xi Jinping are to meet at the G20 summit in Buenos Aires to discuss trade issues, and market watchers will be waiting to see if the two largest economies in the world will ease trade tensions.

Recovery in Indian rupee continues and weighing on gold prices after a fresh decline in crude oil prices last week, focus now shifts towards RBI meeting scheduled for December 5. USDINR may drop to 200-day moving average at 68.50 below 71.10 in the near term.

Outlook:

MCX Gold December month expiry contract which was consolidating in range of Rs 30,600-31,100 till last week, has broken key support around Rs 30,600 and has registered a low of Rs 30,548. Still, the weekly trend is looking negative unless the counter closes above 20-day moving average at Rs 31,164, and fresh selling opportunity may arise below Rs 30,548 towards the next level of support at Rs 30,207 and Rs 29,987.

Trade Strategy:

Sell gold December month expiry contract on break below Rs 30,548 for a target of Rs 30,207-29,987 with a closing stop loss above Rs 30,760.

The author is chairman of ABans Group of Companies.


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17
Nov
2018
Publication: The National

"Indian exports are shining on the back of a weakening rupee," says Abhishek Bansal, the chairman of ABans Group of Companies, a financial services firm based in Mumbai.

In recent months, the rupee has fallen to a series of record lows against the US dollar."Mainly Indian sugar exports are becoming more viable due to lower domestic prices compared to global markets," he says.


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14
Nov
2018
Publication: Cogencis

"Gold is likely to be negatively impacted if dollar index strengthens further from current levels," said Abhishek Bansal, chairman of ABans Group of Companies, adding gold could find support at $1,186 an ounce.


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14
Nov
2018
Publication: Deccan Chronicle

Financial services provider ABans Group chairman Abhishek Bansal attributed the September to mid-October rally in gold prices to the ongoing US-China trade wars and on tension arising from the US sanctions on Iran coming into effect from November 4.

But then the price began to fall on fear of the US Fed hiking interest rates again. The Fed had on September 26 increased the rates by 25 bps to 2.25 per cent. This was the eighth hike since 2015 when it was at 0.25 per cent since the 2008 crisis.

If the interest rate rises from current levels, it will increase borrowing costs and will be negative for gold, because then the bond market will be more attractive than gold, which has hardly given any returns in the last five years, he said.

He said the spike in domestic price was due to the increase in the international prices only, coupled with the steep fall in the rupee.

"The rupee, which depreciated against the US dollar by more than 15 per cent in the first 10 months of this year, is finding support over falling crude prices; this is another reason for the steep fall in domestic gold prices," he added.

Further, he said, higher gold prices kept buyers away during the festival season and demand from rural markets did not pick up as farmers are yet to receive the minimum support prices for their crops.

Over 60 per cent of the domestic gold demand comes from the rural markets.

Analysing these fundamentals, he said, international gold prices are likely to remain in a broader range of $1,180 to $1,240 by December end, while domestic price may hover around `30,200 to `31,800, provided the rupee does not fall below 73-74 till March.


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12
Nov
2018
Publication: The Hitavada

Financial services provider ABans Group chairman Abhishek Bansal attributed the September to mid-October rally in gold prices to the ongoing US-China trade wars and on tension arising from the US sanctions on Iran coming into effect from November 4. But then the price began to fall on fear of the US Fed hiking interest rates again. The Fed had on September 26 increased the rates by 25 bps to 2.25 per cent. This was the eighth hike since 2015 when it was at 0.25 per cent since the 2008 crisis.

If the interest rate rises from current levels, it will increase borrowing costs and will be negative for gold, because then the bond market will be more attractive than gold, which has hardly given any returns in the last five years, he said. He said the spike in domestic price was due to the increase in the international prices only, coupled with the steep fall in the rupee. "The rupee, which depreciated against the US dollar by more than 15 per cent in the first 10 months of this year, is finding support over falling crude prices; this is another reason for the steep fall in domestic gold prices," he added.

Further, he said, higher gold prices kept buyers away during the festival season and demand from rural markets did not pick up as farmers are yet to receive the minimum support prices for their crops. Over 60 per cent of the domestic gold demand comes from the rural markets. Analysing these fundamentals, he said, international gold prices are likely to remain in a broader range of USD 1,180 to USD 1,240 by December end.


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12
Nov
2018
Publication: FirstPost

Financial services provider ABans Group chairman Abhishek Bansal attributed the September to mid-October rally in gold prices to the ongoing US-China trade wars and on tension arising from the US sanctions on Iran coming into effect from November 4.

But then the price began to fall on fear of the US Fed hiking interest rates again. The Fed had on September 26 increased the rates by 25 bps to 2.25 per cent. This was the eighth hike since 2015 when it was at 0.25 per cent since the 2008 crisis.

If the interest rate rises from current levels, it will increase borrowing costs and will be negative for gold, because then the bond market will be more attractive than gold, which has hardly given any returns in the last five years, he said.

He said the spike in domestic price was due to the increase in the international prices only, coupled with the steep fall in the rupee.

"The rupee, which depreciated against the US dollar by more than 15 per cent in the first 10 months of this year, is finding support over falling crude prices; this is another reason for the steep fall in domestic gold prices," he added.

Further, he said, higher gold prices kept buyers away during the festival season and demand from rural markets did not pick up as farmers are yet to receive the minimum support prices for their crops.

Over 60 per cent of the domestic gold demand comes from the rural markets.

Analysing these fundamentals, he said, international gold prices are likely to remain in a broader range of USD 1,180 to USD 1,240 by December end, while domestic price may hover around Rs 30,200 to 31,800, provided the rupee does not fall below 73-74 till March.


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11
Nov
2018
Publication: Business Standard

Financial services provider ABans Group chairman Abhishek Bansal attributed the September to mid-October rally in gold prices to the ongoing US-China trade wars and on tension arising from the US sanctions on Iran coming into effect from November 4.

But then the price began to fall on fear of the US Fed hiking interest rates again. The Fed had on September 26 increased the rates by 25 bps to 2.25 per cent. This was the eighth hike since 2015 when it was at 0.25 per cent since the 2008 crisis.

If the interest rate rises from current levels, it will increase borrowing costs and will be negative for gold, because then the bond market will be more attractive than gold, which has hardly given any returns in the last five years, he said.

He said the spike in domestic price was due to the increase in the international prices only, coupled with the steep fall in the rupee.

"The rupee, which depreciated against the US dollar by more than 15 per cent in the first 10 months of this year, is finding support over falling crude prices; this is another reason for the steep fall in domestic gold prices," he added.

Further, he said, higher gold prices kept buyers away during the festival season and demand from rural markets did not pick up as farmers are yet to receive the minimum support prices for their crops.

Over 60 per cent of the domestic gold demand comes from the rural markets.

Analysing these fundamentals, he said, international gold prices are likely to remain in a broader range of USD 1,180 to USD 1,240 by December end, while domestic price may hover around Rs 30,200 to 31,800, provided the rupee does not fall below 73-74 till March.


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05
Nov
2018
Publication: NDTV Profit

Abhishek Bansal, founder and chairman of ABans Group of companies:

"Domestic gold prices are still at two year highs but a minor correction in the rupee from these levels may push gold prices down from here. This is the key reason behind investors shying away from gold which has given poor returns compared to other assets classes such as equity."

Gold returns from Dhanteras to Dhanteras
17-Oct-17 5-Nov-18 Change Return
MCX gold in rupees per 10 grams 29600 31800 2200 7%
Comex gold in dollar per ounce 1283 1233 -50 -4%

"It is therefore advisable to wait for a better correction in prices in the coming months till Rs.31,100- Rs. 30,700 per 10 grams."


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02
Nov
2018
Publication: Cogencis

"Gold prices are getting support from geopolitical tensions such as US-China trade war, Iran oil sanctions, killing of a Saudi journalist, Brexit and the European Commission’s stand on Italy’s budget fiasco," said Abhishek Bansal, chairman of ABans Group of Cos. "However, gold is finding some pressure also due to rising US bond yields and a rally in the US dollar index."

ANALYSTS/TRADERS DOMESTIC PRICE INTERNATIONAL PRICE
(rupees per 10 gm) ($ per ounce)
ABans Group of Companies 31,700-32,250 1,213-1,260

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15
oct
2018
Publication: Moneycontrol

There is a negative correlation of 0.72 between equity markets and gold prices in India in the last six months,” said Abhishek Bansal, Chairman & Managing Director of ABans Commodities.

Gold prices kept sliding from May 2018 to the end of August 2018 and equity market was on a rise.

Bansal added, "As Nifty was trading at lifetime highs in August then correction started from its peak of 11,751 to 10,203 in past months whereas gold was shining all around during the same period. This was when international gold prices were trading in the range of $1,180-$1,213 per ounce with a negative bias. In this year, domestic gold prices spiked from 29,268 per 10 grams to 31,645 per 10 grams, an 8 percent gain."


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14
oct
2018
Publication: The National, UAE

On account of multiple factors, farmers continue to struggle," says Abhishek Bansal, the chairman of ABans Group of Companies, a financial services firm based in Mumbai. "These include small land holdings, lack of organized credit, exploitation by middlemen and over-dependence on the monsoons.

He says the majority of land holdings of farmers in India are small plots, which are "unviable" and “deprive the farming sector of the numerous benefits of large-scale farming”. It is particularly hard for these small-scale farmers to manage rising costs.


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10
oct
2018
Publication: The Hindu Business Line

Abhishek Bansal, Founder and Chairman, ABans Group, said gold prices in India are up by almost 8.20 per cent compared to last year even as international gold prices hit a 6-week low as US Federal Reserve hiked rates by 25 bps.

Gold imports are getting costlier due to Indian rupee falling by almost 11 per cent against US dollar, he added.


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09
oct
2018
Publication: Moneycontrol

Emerging markets currencies are devaluing against dollar. Indian rupee is quoted above 74 is expected to weakened further in coming weeks as rising oil prices are still a threat to current account deficit and higher transport fuel prices will raise inflation in the country,” Abhishek Bansal, Founder and Chairman of ABans Group of Companies said in a statement.

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05
oct
2018
Publication: Zee Business

Abhishek Bansal, founder and chairman of currency derivative and broking firm ABans group, said this arrangement will make a dent of Rs 6,700 crore over next six months in OMC revenues. "This announcement was negatively received by OMC investors on reduced revenue and profitability concern. OMC share prices dropped drastically in the last 20 minutes of trading session," Bansal said.

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05
oct
2018
Publication: Zee Business

Abhishek Bansal, founder and chairman of currency derivative and broking firm ABans group, said if rupee rises to 75 a dollar and Brent remains at $85 per barrel, then petrol and diesel price may be in the range of Rs 91-95 per litre and Rs 80-84 per litre, respectively, in India.

"If the Brent price surges to $90/barrel and rupee stays at the current level of 73 per dollar, we could see petrol and diesel being sold in the same price range of up to Rs 95 per litre and Rs 84 per litre, respectively," said Bansal.

"In any of the scenarios, there is going to be a negative impact on our economy which will be burdened with additional imports costs, and further depreciation of rupee and rise in fuel cost looks unavoidable. Consumers can get relief only if government takes the charge and reduces some taxes on petrol," Bansal said.

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05
oct
2018
Publication: DNA

Abhishek Bansal, founder and chairman of currency derivative and broking firm ABans group, said this arrangement will make a dent of Rs 6,700 crore over next six months in OMC revenues. "This announcement was negatively received by OMC investors on reduced revenue and profitability concern. OMC share prices dropped drastically in the last 20 minutes of trading session," Bansal said.

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04
oct
2018
Publication: DNA

Abhishek Bansal, founder and chairman of currency derivative and broking firm ABans group, said if rupee rises to 75 a dollar and Brent remains at $85 per barrel, then petrol and diesel price may be in the range of Rs 91-95 per litre and Rs 80-84 per litre, respectively, in India.

"If the Brent price surges to $90/barrel and rupee stays at the current level of 73 per dollar, we could see petrol and diesel being sold in the same price range of up to Rs 95 per litre and Rs 84 per litre, respectively," said Bansal.

"In any of the scenarios, there is going to be a negative impact on our economy which will be burdened with additional imports costs, and further depreciation of rupee and rise in fuel cost looks unavoidable. Consumers can get relief only if government takes the charge and reduces some taxes on petrol," Bansal said.

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