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The price revisions method, or the dynamic fuel price methodology, considers several factors such as international crude prices, the exchange rate of the rupee against the dollar, actual and expected demand, and the trade flow in global crude markets.
On Wednesday, crude rose with Brent crude – the global benchmark for crude oil – rising 0.76% to $64.58 per barrel ahead of an OPEC+ meeting that will decide on the supply policy and with markets considering the prospect for additional US sanctions on Russia.
The Brent crude had slipped below $59, the lowest level since February 2021, earlier this month. In April alone the benchmark fell nearly 16%, showing the biggest decline since November 2021. However, crude in the month of May has seen some recovery following the easing in the trade war between the US and China.
Additionally, crude through this year has fallen 12.88% as the fallout from Trump’s sweeping tariffs and the retaliatory measures weighed on the demand. In addition, OPEC+ loosening supply curbs at a faster-than-expected pace amid the US-led trade war also impacted the index.
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