Zee Media Bureau
Despite deregulation, prices of petrol and diesel in India are very high than that of international crude oil. The international crude oil price of Indian Basket was at USD 35.72 per barrel on Friday.
Internationally, crude is inching closer to its 11-year low, on growing fears that the global oil glut would worsen in the months to come in a pricing war between leading OPEC and non-OPEC producers.
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On Monday, Brent crude fell by 3.4 percent to below USD 36.70 a barrel for the first time since December 2008 and US West Texas Intermediate (WTI) sank 2.5 percent below USD 34.70 a barrel.
Brent traded less than 50 cents above the lows last seen during the 2008 financial crisis of USD 36.20 a barrel. If Brent falls below that level, that will be its lowest since mid-2004, when talk of a commodity super-cycle was only beginning. WTI's financial crisis low was USD 32.40 in December 2008.
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