Retail fuel prices, which touched record highs last year on surging global crude prices and a depreciating rupee, have softened in recent days. Will your fuel bill go lower in the coming months? Mint analyses the decline in prices at petrol pumps.
What are the reasons for the price slump?
There has been a 40% fall in global crude oil prices in the past three months on signs of oversupply due to higher US oil production, fears of slowing global growth and weakening oil demand, besides an all-out trade war between the US and China.
The slump in prices is despite US President Donald Trump pulling his country out of a 2015 accord with Iran and the Organization of the Petroleum Exporting Countries (Opec)-led decision to cut crude oil production by 1.2 million barrels a day. However, India on its part, has been able to secure a six-month waiver on importing crude oil from Iran. Read More
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