The Indian basket represents the price of Oman and Dubai sour grade crude.
Indian basket at 6-month low of $49.11 a bbl
Chinese stock markets suffered their biggest single-day drop since the global financial crisis.
'I have no problems with the finance ministry or with state governments treating petrol pump prices as the last resort for meeting their ambitious spending targets with very limited revenue resources.' 'But let's do away with this smokescreen of free pricing of petrol and diesel and go back to administered pricing regime,' says Dr Sudhir Bisht.
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