Believe it or not, there’s a little bit of America in your fuel, even though we hardly import any oil from there. On Friday, India moved to a system of revising motor fuel prices daily in tune with global rates, something that the US has been doing for years.
But the American connection doesn’t end there.
The new system kicked in with a reduction in petrol and diesel prices. This happened because crude prices have softened over the past two weeks on rising US shale production, which has undercut Opec’s move to reduce output and kept oil prices in check — making it easier for the government to throw open the market for full competition. Read more