Oil prices tumble to $78; will it trigger cut in domestic pump prices?

New Delhi: Oil prices tumbled to $78 per barrel on Thursday, slipping below the near-$80 level it was trading at the beginning of the month before the OPEC+ producer club announced production cuts that triggered price spike warnings and inflationary worries.

The drop in crude rates may not immediately translate into a reduction in domestic pump prices for fuels, but will keep refiners in good financial health.