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Crude oil prices fell on Wednesday to their lowest in over three months, after industry data showed a steep build in US crude supplies, while mixed Chinese economic data raised worries about global demand for crude, a Reuters report said. ....
Explore Now NEW DELHI: Shares of oil retailed pared early gains as the government proposed imposing agri cess on fuels, which some feared will make petrol and diesel more expensive. The government plans to slap agricultural cess on petrol at Rs 2.5 per litre and on diesel at Rs 4 per litre. “This is madness! Farm cess of Rs 2.5 per litre on Petrol Rs 4 per litre on diesel and people thought no increase in taxes…,” said Sandip Sabharwal, an independent market analyst. Though, he later added, if cess shifts from excise duty then (there will be) no impact. Shares of BPCL were trading in the red while oil explorers ONGC was trading with gains. ....