New Delhi: Despite a seven-month drop in global oil prices, India’s state-owned fuel merchants have been able to recover their losses after maintaining rates for a record-breaking five months despite rising costs.
As demand wanes due to recession worries, the price of international benchmark Brent crude last week dropped below USD 90 a barrel for the first time since early February. After recovering, it is now selling at USD 92.84 per barrel, the lowest price in the previous six months.
Prices fell despite bullish developments, including Russia keeping the North Stream pipeline offline and producers cartel OPEC and its allies (OPEC+) cutting production.
