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Oil dropped about 11% from a four-year high this month, as a global stock-market rally sparked concern over economic growth and demand d & # 39; energy. Increase in US crude stocks. Photo: Reuters
New Delhi: Due to the fall in international crude oil prices, gasoline and diesel prices fell by 30% and 20% respectively for the 12th consecutive day. has now gone from the 80 rupees mark in Delhi to 70.75 rupees per liter.
In Mumbai, gasoline costs 85.24 rand, Bengaluru 80.37 rupees, Hyderabad 84.54 rand, Chennai 82.86 rand, Kolkata 81.63 rand. is priced at 73.85 rupees in Delhi, 77.40 rupees in Mumbai, 80.33 rupees at Hyderabad, 74.23 rupees at Bengaluru, 78.08 rupees at Chennai and 75.70 rupees at Kolkata.
in Delhi and 91.34 rupees in Mumbai on 4 October. The decline, since then, is due to several real Factors – reduction in excise duties of Rs 1.5, drop in sales tax or VAT of Rs 2.5 in several states, petroleum retailers managed by the State supporting a loss of Re 1 according to the instructions of the Government of the Union and a drop in world crude oil prices.
Read also: The cheapest and most expensive places to buy gasoline and diesel in India
Oil has dropped about 11% from at the four-month high earlier this month on global stock markets Bloomberg has raised concerns about economic growth and energy demand at a time of rising inventories. Brent crude futures at the beginning of the month were $ 77.56 per barrel, while West Texas Intermediate (WTI) futures were trading at $ 67.59 per barrel on Monday morning.
Although fuel prices are revised daily at 6 am, oil retailers take this into account. international fuel prices on an average of 15 days, in addition to the value of the rupee. India imports about 80% of its crude oil requirements.
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