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For Delhi petrol per liter price on April 2, 2018, the price charged to dealers was ₹ 31.08 (36¢ US), while central government excise tax and local tax was ₹ 19.48 (23¢ US), state government VAT was ₹ 15.70 (18¢ US) and dealer commission was ₹ 3.60 (4.2¢ US). So the price of petrol for the end user was ₹ 73.83 (85¢ US). [62]
India uses changes in the CPI to measure its rate of inflation. The WPI measures the price of a representative basket of wholesale goods. In India, this basket is composed of three groups: Primary Articles (22.62% of total weight), Fuel and Power (13.15%) and Manufactured Products (64.23%).
On 1 January 2012, the Nigerian government headed by president Goodluck Ebele Jonathan, tried to cease the subsidy on petrol and deregulate the oil prices by announcing the new price for petrol as US$0.88/litre from the old subsidised price of US$0.406/litre (LAGOS), which in areas distant from Lagos petrol was priced at US$1.25/litre.
Oil traders, Houston, 2009 Nominal price of oil from 1861 to 2020 from Our World in Data. The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil ...
India was able to resolve the crisis through policies that liberalised the economy. However, India continued to be impacted by the volatility of oil prices. In 1998, the Atal Bihari Vajpayee administration proposed building petroleum reserves as a long-term solution to managing the oil market. [9]
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The wholesale price index (WPI) is the price of a representative basket of wholesale goods. The WPI is published by the Economic Adviser in the Ministry of Commerce and Industry . The Wholesale Price Index focuses on the price of goods traded between corporations, rather than the goods bought by consumers, which is measured by the Consumer ...
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