(ET)
Fuel prices in India seem set for a sharp decline in step with the $9-a-barrel slide in global oil prices, stoking speculation if the beginning of Narendra Modi’s second term as prime minister would see the kind of oil price slump witnessed at the start of his first stint.
Crude oil tumbled below $61 a barrel on Monday from a tad above $70 on Thursday, May 28, on rising fears of a global economic slowdown fuelled by intensifying tension between the US and some of its key trading allies allies like China and Mexico. The Indian oil market, dominated by state-run marketers, has begun reflecting the global trend with petrol and diesel going down 56 paise and 93 paise a litre, respectively, since May 29.
