The price of India's crude oil basket rose by $1.14 per barrel to $57.42 a barrel Tuesday, the petroleum and natural gas ministry said today. | |
| Despite the recent spurt, the price of India's crude basket currently is around 23 per cent lower than the all-time high of $75.30 a barrel on August 8. It is also the lowest in more than three months. |
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| The average price for September so far is $61.38 per barrel compared with the August average of $70.84. The recent softening of crude prices has provided some relief to India's oil marketing companies that had been reeling under heavy revenue losses. |
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| Oil marketing companies calculate their cost of petrol and diesel on the 1st and 16th of every month, based on the change in input costs in the previous fortnight. |
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| The government did not allow these firms to hike retail rates even though the average monthly price of the Indian basket was above $70 a barrel in July and August. |
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