Petrol, diesel prices remain static 3 days in a row
Accordingly, in the national capital, petrol continued to be sold at the new record high level of Rs 84.70 a litre while diesel prices remained at Rs 74.88 per litre.
Accordingly, in the national capital, petrol continued to be sold at the new record high level of Rs 84.70 a litre while diesel prices remained at Rs 74.88 per litre.
The March contract of Brent on the Intercontinental Exchange (ICE) was at $54.70 a bbl, higher by 0.74 per cent from its previous close.
1. These rise of prices in India is backed by the rise of international crude oil rates. 2. Government is collecting approximately 270 per cent taxes on the base price of petrol and 256 per cent in the case of diesel. 3. This steep rise in excise duty has resulted without resultant increase in petrol and diesel prices, had substantially brought down its marketing margins.
OPEC and its allies led by Russia agreed to reduce output by 9.7 million barrels per day (bpd) for May and June.
"Market will be careful during the ongoing (US) Fed meeting which is expected to provide dovish."
Apart from export-oriented IT and pharma stocks all other sectors ended in the green, both on NSE and BSE.
Industry experts also attribute the high domestic fuel prices to the high rate of excise duty across the country.
Oil prices rose on Friday, as turmoil in the Middle East underpinned the market. The West Texas Intermediate for November…
