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With international crude oil prices cooling down in 2023 from high levels witnessed in the previous year, expectations are high for price reduction of diesel and petrol by oil marketers in 2024.
Petrol and high-speed diesel prices may be jacked up by to Rs16 each
"The Urals had mostly traded below the G-7 imposed price cap of USD 60 per barrel but have breached the cap in recent weeks whereby it is trading at around USD 69. Upon the rise in prices of the Urals, the share of Russian crude in India's total crude oil sourcing basket declined to 34 per cent in August 2023 from nearly 40 per cent since the outbreak of the Russia-Ukraine war," it said.
In India, Oil Marketing Companies(OMCs) like Indian Oil, Hindustan Petroleum and Bharat Petroleum revise their fuel prices with effect from every midnight based on international benchmark prices.