The rally in oil prices that took Brent crude to the $80-mark for the first time since 2014 stalled last week after Saudi Arabia and Russia proposed easing output curbs after eliminating an inventory surplus that had sparked the biggest price crash in a generation. Brent crude fell for the third straight session and traded two percent lower at $74.91 per barrel today as of 8:40 a.m.

Government Mulls Policy For Long-Term Solution

The central and state governments are working with oil marketers to formulate a policy to curb fuel price rise, Finance Minister Piyush Goyal said in a press conference on Friday.

The policy will aim for the long-term stability of petrol and diesel prices to ease consumer burden, said Goyal. The Goods and Services Tax Council is expected to discuss bringing petrol and diesel under the indirect tax regime in its next meeting, he added.