Petrol, diesel prices to fall only on sustained drop in international oil prices
The Hindu
Oil producers cartel, OPEC+ might still have a say in this, with the group's scheduled meeting on December 1-2, potentially resulting in a reduction in production targets for 2022
Petrol and diesel prices will be reduced only if the current drop in international oil prices is sustained for a few more days, as domestic retail prices are fixed on a 15-day rolling average, official sources said.
Global benchmark Brent crude oil prices remained largely range bound at around $80 to $82 per barrel, levels during November (till November 25).
On November 26, prices fell by around $4 per barrel till Asian timestamp. However, subsequently after the opening of the U.S. market, with the drastic sell off in Brent Futures, prices fell further by around $6 to close at $72.91 a barrel at ICE London.
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