Fuel prices dipped below 70 rupees mark across the country for the second time in this calendar year.
• It has brought some much-needed relief for all classes of people, as the prices had soared up to 90 rupees mark during October.
• This had triggered enormous protests across the country by the opposition parties against the NDA Government forcing it to cut excise duty on fuel prices. The estimated loss of cut due to the amount of cut will be about Rs. 7,000 crore in the remaining part of the fiscal.
• Domestic fuel prices depend upon the International fuel prices on a 15-day average and value of the rupee.
• The decline in domestic fuel prices come amidst the recent fall in global crude oil prices.
• But, OPEC members and its Russia-led allies agreed earlier this month to slash oil production in order to boost the market. Oil prices have crashed around 30% over the last two months, ratcheting up the pressure on budgets in oil-exporting countries
• The Organization of the Petrol Exporting Countries (OPEC) is a consortium 12 oil producing countries which determine the global crude oil prices.
With 2019 Lok Sabha elections around the corner, petrol price will be a major deciding factor.
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