NEW DELHI: 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 $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 $92.84 per barrel, the lowest in 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.
