The reduction comes after 16 consecutive price increases since May 14 when fuel retailers ended a 19-day pre-Karnataka poll hiatus to pass on a spike in global oil rates
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Prices of diesel and petrol in India have surged to a record high. A liter of petrol costs 77.17 rupees ($1.13) while diesel is sold at 68.34 rupees/liter
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The government may not rely only on cutting excise duty, which makes up for a fourth of the retail selling price, the official said but did not elaborate.
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The rapid pace of urbanisation, while offering benefits like job opportunities and better living spaces to citizens, also throws up certain challenges for the administration, such as ensuring the safety and security of the public, especially women
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Higher oil prices, in turn, pushed the shares of energy firms in European stock markets higher, helping London's FTSE to set a new all-time high, and the Paris CAC to establish a fresh 2018 peak
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An increase in coal imports by state-owned power utilities undermines a pledge by Indian Prime Minister Narendra Modi's government to cut thermal coal imports to zero by March 2018
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India is rapidly increasing its share of renewable energy sources but still relies on coal, oil and natural gas and the related carbon emissions for 80 per cent of its electricity
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Fuel consumption in April totalled 17.67 million tonnes as compared to 16.91 million tonnes in the same month last year, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed.
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