International oil prices at 7-month low, but no change in petrol, diesel prices in India

International oil prices have hit a seven-month low but there is no change in retail selling price of petrol and diesel in India as state-owned fuel retailers recoup losses incurred for holding rates for a record five months despite rising cost.

International benchmark Brent crude fell below USD 90 per barrel last week for the first time since early February as recession fears weigh on demand. It has since recovered and is trading at USD 92.84 per barrel, the lowest in six months.