International oil prices have hit a six-month low, helping Indian fuel retailers breakeven on petrol but they continue to lose money on diesel – the most used fuel in the country, officials said.
The world’s best-known crude benchmark, Brent was trading at $94.91 per barrel on Thursday after concerns of a global recession led to it slipping to a six-month low of $91.51 on the previous day.
The current rates are a relief to India, which is 85 per cent dependent on imports for meeting its oil needs.
The fall in prices has meant that fuel retailers such as Indian Oil Corporation are now breaking even on petrol but there are some losses on diesel, officials with knowledge of the matter said.
