Saudi Arabia, the world's biggest oil exporter, cut diplomatic ties with Iran on Sunday in response to the storming of its embassy in Tehran
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Government on Friday (01 January) declared 2016 as the 'Year of LPG Consumers' while unveiling plans to make the clean cooking fuel available to all households by end of 2018 and roll out online bill payment facility and transparent gas cylinders
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A year ago, after oil prices had halved in six months, analysts were forecasting a price recovery in 2015 while many traders were busy shorting the market.
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Essar Oil, India's second biggest private refiner, said on Wednesday it had completed delisting from local bourses in return for a Rs 3,745 crore payout to minority shareholders
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The government had asked well-off people to voluntarily give up using subsidised LPG and instead buy cooking fuel at market price, Oil Ministry said in a statement
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Ever since the NDA government came to power in June last year, the price of petrol has been reduced more than 20 times and of diesel 16 times, resulting in net reduction in price of both fuels by Rs 13 each
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Cheaper oil enabled the government to control its subsidy burden and increase excise collection on oil products
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Justifying the hike in excise duty on petrol and diesel, Jaitley said for the first time fiscal deficit target will be met without budgetary cuts, as Opposition charged the government with "profiteering" from the fall in global oil prices
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