Oil nears $90 for first time in 2023, reduces chances of a petrol, diesel price change in India

Oil prices hit a 10-month high of nearly $90 per barrel as Saudi Arabia and Russia extended their voluntary production and export cuts until the end of the year.For a nation that is more than 85 per cent dependent on imports for its oil needs, the surge in prices means India will have to shell out more and the prospect of returning to market-driven petrol and diesel prices in the near future diminished further.

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