Why are fuel prices at pumps not going down?

For the first time since early February, international crude benchmark Brent went below $90 a barrel last week. This level was last seen prior to Russia’s invasion of Ukraine. The recent decline came amid expectations of weaker global demand and US dollar strength.

Indian refiners have also been securing discounted supplies from Russia as sanctions prompted many oil importers to stop trade with Moscow.

Russia rose to become India’s second biggest supplier of oil. India too became Russia’s second major oil buyer after China, although India’s monthly oil imports from Russia have been declining after hitting a record in June.