The government is making plans to offload its stake from Oil India (OIL).

On Friday, oil and gas futures declined below USD 71 per barrel on news of US subprime troubles and worries over the US economy.

For next month delivery, light, sweet crude descended 61 cents to USD 70.98 each barrel on the New York Mercantile Exchange (NYMEX).

On the other hand, gasoline rates for next month delivery vanished 0.3 cents to USD 1.93 per gallon.

In London, September Brent crude lost 33 cents, to USD 69.88 a barrel on the ICE Futures exchange.

Oil and gas futures fell on Wednesday after a governmental announcement displayed an unforeseen slump in refinery action and big declines in oil and gasoline stocks. Oil and gas futures jumped at once after the report’s release, and then traded volatile for the whole day.

For next monthe delivery, light, sweet crude delivery descended 27 cents to USD 72.15 per barrel on the NYMEX, and the gasoline came down 0.65 cent to USD 1.9377 each gallon.

New Delhi: Yesterday, Finance Minister P Chida

Oil prices came up to USD 77 per barrel, nearing an record high on July 27, on buying supported by news of faster-than-expected economic development.

But, retail gas prices fell to their lowest level since late May.

Light, sweet crude for September delivery climbed up USD 2.07 to USD 77.02 per barrel on the NYMEX.

The gasoline rates for next month delivery grew 2.58 cents to USD 2.1017 per gallon after decreasing earlier. Gasoline futures finished the week 6.26 cents, lower by 2.9%.

New Delhi: Yesterday, the government generally suggested about a rise in petrol and diesel costs, even though it has kept retail prices unaltered.

Petroleum Minister, Murli Deora told, “We are trying very hard to see that prices are not increased, (but) I cannot say if they will never be raised.”