Petrol/diesel consumers are yet to get the benefit of easing international crude oil prices. The last reduction in retail prices was mainly on account of cut in Central and State levies.
According to the Petroleum Planning and Analysis Cell (PPAC), the daily price of crude oil (Indian Basket) has gone below $70 a barrel now. The average daily price in October was over $82 and over $80 in November. The Indian crude Basket represents a derived basket comprising Sour grade (Oman and Dubai average) and Sweet grade (Brent Dated) processed in Indian refineries in the ratio of 75.62:24.38 during 2019-20.
Sources close to oil marketing companies say crude was procured at a higher price some time back and that inventory still impacts retail prices. Retail prices have not been revised on account of the current easing of crude purchases at the earlier price. However, sources said, if the downward spiral in prices continues for sometime, then consumers might benefit.