Global Crude Oil Prices Crash; Raises Prospects for Petrol, Diesel Price Cut Again

Business

oi-Sunil

By Sunil Fernandes

Published: Friday, November 28, 2014, 10:20 [IST]

It may be yet another cut in petrol and diesel prices in India, as Crude Prices fell internationally as OPEC members decided not to cut oil production.

Brent Crude Prices plunged to a 4 year low of $72 a barrel, as OPEC failed to agree on production cuts. A drop in production lifts global crude prices as it curbs supplies.

In India, it may be yet another drop in petrol and diesel at the retail level as prices are linked to global crude prices. For the drop to happen another variable is the rupee. Should the rupee continue to remain stable against the dollar, without any fall, oil marketing companies like BPCL, HPCL and Indian oil would almost certainly cut diesel and petrol prices.

A mostly likely revision could be towards the beginning of next month.

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