Iocl Bitumen Price List 2019 Pdf Download

In 2021, the world was still infected by the coronavirus and experienced two pandemics, the Delta and the Omicron.

The Delta pandemic spread from India, resulting in up to 6,000 deaths in one day, an unprecedented number.

After this, the world became more doubtful, and oil and bitumen prices declined for three months before vaccinations began in India.

During the fourth quarter of 2021, the second wave of the corona, called Omicron, caused a drop in bitumen prices.

In the first quarter of 2020, since the start of the pandemic, the bitumen price of the middle east had fallen from $ 350 to $ 165.

After that, due to the reduction of oil production and the reduction of sales quotas, the Brent oil price increased by about $ 35, resulting in the price of bitumen rising to about $ 250.

In November 2020, following the US presidential election, with the announcement of the vaccine discovery by Pfizer, the bitumen price rose again, reaching about $ 270.

Iocl Bitumen Price List 2019 Pdf Download

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Also, factors that stop road construction and development projects, leading to a decrease in demand for bitumen lead to lower prices. These factors include geopolitical tensions, natural disasters such as floods and earthquakes.

In recent years bitumen price is influenced by the pandemic of Coronavirus. Due to the start of the pandemic bitumen price of the Middle East is fallen from $ 350 to about $ 160.

According to IOCL, the difference between the maximum IOCL bitumen price of 41210 INR and the minimum IOCL bitumen price of 35950 INR was more than 5200 Rupees (about $69). Infinity Galaxy analyzed the influencing factors which determine this price gap as follows:

Although the bitumen price was anticipated to rise this month because of the high load of construction activities prior to the monsoon, it did not happen because of the Coronavirus breakdown. Every year when the monsoon arrives in India, road development slows down, and demand for bitumen falls, resulting in lower bitumen prices.

Bitumen prices remained stable the following month in May, but oil prices increased by about $4. In fact, the price of bitumen should have increased by the same amount, but this did not occur due to OPEC decisions.

Despite increased vaccination, fewer lockdowns, and growing oil prices, bitumen prices fell in June due to ready cargoes in Mundra and Nhava Sheva Ports, labor shortage, and logistics challenges in India. Another reason for the drop in bitumen prices is that Indian refineries tend to maintain their market share. In case of large volume imports, they will be unable to sell their products and will be shut down consequently.

However, the IOCL bitumen was set to go up in price by Rupee 940 on 1st of August. The decision was made by Indian refineries following the oil price stabilization and rising hope for a fruitful year for the bitumen industry.

After covid-19, governments gave out massive amounts of aid in the form of loans in different countries to businesses, causing global inflation in essential commodities like steel and crude oil, which pushed up the prices of petrochemical products, including bitumen. As oil prices are likely to get higher, the price of bitumen will increase consequently. This trend is set to continue for the second half of 2021.

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