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Market round-up: Truck rentals retain growth momentum

LiveMint logoLiveMint 01-05-2017 Livemint

A cut in diesel prices during the month of April did little to deter rising truck rentals, which have been northbound over the past couple of months. Through April, they moved up by 2-2.5% from the previous month. The movement of agricultural produce such as wheat rose by about 25-30% in addition to fruits and vegetables, with improved output, according to a report by the Indian Foundation of Transport Research and Training.

Better rentals have been accompanied by higher utilization of existing truck fleets as most operators have reportedly stayed away from buying new trucks compliant with Bharat Stage -IV emission norms that are also more expensive. Commercial vehicle sales are likely to be low in April, which in turn could support rentals.

Naveen Kumar Saini/Mint

Water reservoir levels in south India drop to 10%

Water levels in southern reservoirs monitored by the Central Water Commission dropped to 10% of their live storage capacity. The storage during the corresponding period of last year was 14%, according to a report from the commission. The water level is also significantly lower than the last 10 years’ average storage of 21%. The report captures water levels as of last week (27 April). The situation is better in the rest of the regions. Storage in north, east, west and central regions is better than year-ago levels. Overall, water levels in the country stood at 27% of total storage capacity.

Naveen Kumar Saini/Mint

Saudi Arabia may cut light crude price in June

Top oil exporter Saudi Arabia is expected to cut the price of its flagship Arab Light by 40-50 cents a barrel in June to the lowest in nine months, a survey of five Asian refiners showed. Official selling prices (OSPs) are expected to fall across the board for Saudi crude varieties sold to Asia in June, after a fall in the Middle East benchmark Dubai crude due to ample oil supplies, the survey found. “We expect Saudi OSPs to fall as the spot market has collapsed amid oversupply,” an analyst with a North Asian refiner said, adding that the June Arab Light OSP will drop by at least 50 cents a barrel. Reflecting weak demand, the spread for first and third month cash Dubai prices widened in contango in April from March, traders said. In a contango market, prompt prices are lower than those in future months as ample supplies weigh on the spot market. Last month, almost all grades of Middle East crude loading in June traded at discounts as they faced competition from record oil flows shipped to Asia from Europe and the US. Reuters

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