Petrol prices slipped below Rs 71-mark for the first time in eight months on Monday as India looks set to reap windfall from a price war among oil producers leading to international crude prices crashing by their biggest margin since the 1991 Gulf war.
International oil prices crashed by close to 31 per cent, the second-largest margin on record, after the disintegration of the OPEC+ alliance triggered an all-out price war between Saudi Arabia and Russia.
Brent futures plummeted to about USD 31 a barrel on Monday as Goldman Sachs warned prices could drop to near USD 20.
