India Business News: Oil prices hit a 10-month high of nearly $90 per barrel as Saudi Arabia and Russia extended their voluntary production and export cuts until the end o
Even though global crude oil priced have fallen in last couple of weeks to reach a level close to $65 a barrel from a high of $77 reached early last month, there has been no commensurate cut in petrol and diesel rates in India.
TN finance minister Palanivel Thiaga Rajan slashed the tax on petrol by ₹3 per litre, on the instructions of the chief minister, while presenting the DMK governments maiden budget in a paperless form on Friday. This move is expected to cost the government ₹1,160 crore.