Local fuel prices may dip as crude cools to $78/barrel
Crude oil prices traded around $78 a barrel on Monday, about $7 lower since November 9, brightening chances of a reduction in domestic fuel prices that have remained unchanged since Diwali earlier this month when duties were slashed.
State-run oil companies are supposed to revise petrol and diesel prices daily to align these with the global rates. But companies often tend to avoid daily revisions to keep prices stable, and thus make domestic fuel price patterns harder to predict.
