International oil prices on Monday plunged to a 17-year low but retail petrol and diesel prices in India remained on freeze as oil companies continued to set off gains against the excise duty hiked by the government.
Brent crude futures dropped to around USD 23 per barrel – the lowest since November 2002, while US crude briefly dipped below USD 20 as coronavirus lockdowns dried up demand while the crude surplus ballooned.
Petrol and diesel prices in India, however, remained on freeze for the 14th day in a row. Rates were last revised on March 16 and since then oil firms continue to adjust the fall against the Rs 3 per litre hike in excise duty on two fuels done by the government.
