Crude oil import price has dropped to the year's lowest but a cut in petrol and diesel price may happen only if crude falls to USD 61 per barrel as rupee depreciation has partly offset the gains.

Oil firms were supposed to break-even on sale of petrol, diesel, LPG and kerosene if the price of the basket of crude India buys were to come down to USD 67 per barrel. However, with 20 per cent depreciation in value of rupee against the US dollar, the break-even point is now at USD 61 a barrel.

 

Source :Economic Times