Crude oil prices fell a huge 30 per cent in trade, after OPEC failed to agree on a production cut with Russia, following which Saudi Arabia planned to increase production and slash prices.
International benchmark Brent crude futures fell a staggering 30% to $31.23 per barrel, its lowest level since Feb. 2016. U.S. West Texas Intermediate crude dropped 26% to dollar 30 per barrel, also its lowest level since Feb. 2016. WTI is on pace for its worst day since January 1991 during the Gulf War.
In India, petrol and diesel prices have been falling in line with global prices and markets expect oil retailing companies to slash prices sharply in the next few days.
This may improve India's fiscal situation tremendously in the days to come, since India is a big imported of crude.
In India, petrol rates have dropped in New Delhi almost Rs 2 in the last fortnight. It is likely that there could be a further fall in prices.