To control spiralling prices, the government had last week cut excise duty on petrol and diesel and also waived import duty on some raw materials used in steel and plastic industry.
Amid the blame-game between the Centre and Opposition over the intention of reducing the fuel prices, Finance Minister Nirmala Sitharaman put some facts before the people saying criticism/appraisal can benefit from having them before us.
Ending of a four-and-half-month long hiatus, fuel rates were revised first on March 22 this year.
Moscow has been supplying the European nations with roughly 40 percent of their gas needs, said Russia's deputy Prime Minister Aleksandr Novak.
Higher crude oil prices are leading to weakness in the rupee whereas relentless selling by FIIs is also causing pressure in our market
Meanwhile, oil prices came under more pressure after Libya's national oil company said an armed group had shut down two crucial oil fields.
The Brent-indexed Crude oil prices crossed $96 per barrel, the highest in seven years.
Mamata Banerjee said that the Centre slashed excise duty recently on petrol and diesel with an eye on the upcoming Assembly elections in five states.
Domestic edible oil prices have soared in tandem with the global prices which shot up due to reduced availability of edible oils for food use following diversion for biofuel in Indonesia, Brazil, and other countries.
The Centre has already slashed the basic duty on crude palm oil, crude soyabean oil and crude sunflower oil from 2.5 per cent to nil.
If the turmoil is restricted within Afghan boundaries, the impact would be limited. But if Afghanistan continues to be on the boil, and boil violently, the oil-producing regions of the Middle East and Central Asia could get affected and, consequently, oil prices.
As per the data from the Department of Consumer Affairs, the prices of edible oils are now coming down over the past month, and in some cases, the decline is by as much as nearly 20 per cent, as shown in prices in Mumbai.
Oil prices rose Monday as Saudi Arabian oil facilities were targeted by drone strikes just days after the largest crude exporting nations in the world said they would not increase output.
Experts say that oilseeds and oil prices have increased in the international market that has led to a rise in edible oil prices in India.
State-owned Indian Oil Corp (IOC) on Friday said international oil prices have been range-bound in the last few weeks, warranting no revision in retail petrol and diesel rates.
The government has reduced the cost of non-subsidised LPG cylinder by Rs 162.50 per cylinder in metro cities including Delhi, Mumbai, Kolkata and Chennai. The prices have been reduced in line with the slump in benchmark international rates.
Stocks around the world are clawing higher on Wednesday, and the S&P 500 climbed toward the first gain in what’s been a dismal week for markets.
Equity benchmark indices plunged by over 3 per cent on Tuesday after US oil prices slipped below zero dollar a barrel in overnight trade and President Donald Trump announcement that he will sign an executive order to temporarily suspend immigration.
Traders are still paying more than $20 for a barrel of U.S. oil to be delivered in June, which analysts consider to be closer to the “true” price of oil. Crude to be delivered next month, meanwhile, is running up against a stark problem: traders are running out of places to keep it, as factories, automobiles and airplanes sit idled around the world.
Oil prices plunged below zero on Monday as demand for energy collapses amid the coronavirus pandemic and traders don’t want to get stuck owning crude with nowhere to store it.
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