India's crude oil basket rose marginally last Friday to $69.32 a barrel from $69.06 a barrel a day earlier in line with global crude oil prices, the petroleum and natural gas ministry said today. | |
| Crude oil for September delivery rose by over $1 a barrel to close at $71.14 on the New York Mercantile Exchange. |
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| However, prices have softened from their earlier highs of over $76 a barrel. |
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| The current monthly average of the Indian crude oil basket is above the benchmark of $70 per barrel set by the government for state-owned oil marketing firms to revise prices. |
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| The government, however, did not allow state-owned oil marketing companies to raise retail prices, even though the average monthly price of Indian basket was $71.36 a barrel in July. |
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| Friday, the government had said it would review retail prices of petroleum products on September 1. |
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| For every dollar rise in crude oil price, the retail price per litre of petrol has to be increased by Rs 0.39 , diesel by Rs 0.30 , kerosene by Rs 0.36, and cooking gas by Rs 0.67. |
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