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State-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) had on September 24 resumed daily price revision, ending the pause in rates hit since September 5.
India is dependent on imports to meet nearly 85 per cent of its oil needs and so benchmarks local fuel rates to international oil prices.
Meanwhile, oil prices surged at the start of the week’s trading on signs that the crude market is tightening because of a global energy crunch. Oil has surged more than 80% over the past year as worldwide demand recovers from the disruption caused by the pandemic.
On the supply side, the Organization of Petroleum Exporting Countries and its allies including Russia have been easing output curbs only slowly, permitting markets to tighten. In addition, extreme weather in the U.S. has crimped local production.
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(Except for the headline, this story has not been edited by The Chenab Times staff and is published from a syndicated feed via mint – News.)
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