Many countries have cut petro prices. But will prices of petrol and diesel fall in India?
Petrol and diesel prices are unlikely to be cut for the time being. However, if crude oil falls to a low of $61 per barrel, Indian consumers can see a cut in the petro prices.
In the US, this has led to a fall in the gas prices at the petrol pumps as well. Though the prices of gasoline have fallen in the US, the consumers in US have cut down driving considerably. With unemployment figures going up, people are very cautious abut every penny they spend.
In India, the basket of crude oil on Wednesday fell to $71.20 per barrel, the lowest in 2008. Earlier in March, the basket of crude oil that Indian refiners buy recorded a high of $101.2 per barrel.
So will prices hit the $50-60 per barrel?
Image: Midday traffic passes through the business hub of Kuala Lumpur on October 15, 2008. Malaysia cut petrol prices by 6.1 percent amid a fall in world oil prices. | Photograph: Saeed Khan/AFP/Getty Images
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