Fuel prices likely to fall further if global slide stays on course

New Delhi: Fuel prices in India, already down about Rs 4.5 a litre since the beginning of 2020, are set to fall further because global rates crashed more than a quarter on Monday after Saudi Arabia launched a price war amid demand crunch due to the spread of Covid-19.

Domestic rates of a litre of petrol and diesel fell about 24 paise and 25 paise, respectively, on Monday. A sharper decline is likely in the coming days if global rates stay low.