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The state government had on September 17 reduced its tax on petrol to 28.75 per cent from 32 per cent and diesel to 17.73 per cent from 21 per cent in a bid to give relief to the people.
Stocks posted their best day in nearly a decade on Wednesday, with the all three major indexes registering an increase of more than four per cent.
lobal crude oil prices, after having been benign and lending a helping hand to India’s fisc, turned around in 2018 to spook the fiscal math.
All sectors, except consumer durables and capital goods, traded in red. Heavy selling pressure was seen in finance, banking and IT stocks.
There are two factors behind this pessimism. The first stems from an undue scepticism about the group’s willingness to trim output.
There was a slight paring of prices after Qatar announced it would be leaving OPEC next year as it looks to concentrate on its gas production, though it would continue to pump crude.
The fall in price of crude oil this month — 22 per cent till date — and Friday’s plunge of Brent crude to $58.80 a barrel, come as a great comfort for India.
Global economic conditions are now increasingly looking fragile and a slowdown in global growth looks inevitable as early as 2019.
The proposed reduction is from October production levels, Falih said, adding that Saudi Arabia would cut its production by 500,000 bpd as of next month to help stabilise the market.
The government would release the Consumer Price Index (CPI) for October and the industrial production data for September later in the day.
BSE had marked its entry into the commodity derivatives segment with gold and silver contracts on October 1, 2018.
In July, approximately 1 million barrels of BPRL’s share of equity crude oil from the Lower Zakum concession was lifted by Bharat Oman Refineries Ltd.
The 30-share Sensex climbed 444.39 points, or 1.31 per cent, to 34,291.62 with all the sectoral indices led by realty and oil&gas trading in the positive zone, by rising up to 2.11 per cent.
A combination of crude oil climbing to four-year high and rupee dipping to its lowest level against US dollar has sent retail petrol, diesel and LPG rates to record high.
Inventory data from the U.S. Energy Department's Energy Information Administration is due at 1430 GMT on Wednesday.