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Global Crude oil Prices fall below $84 a Barrel

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crude oilGlobal crude oil prices dropped to $84 per Barrel on Wednesday after the West’s energy watchdog slashed its forecasts for world oil demand for this year and 2015.

The price fall of crude oil in the international market raise hopes to further decrease of the retail fuel prices in India.

If the diesel prices are cut, it would be the first cut in five years. A price cut in diesel would have a direct impact on prices of essential commodities as it is the preferred fuel for the transport sector.

India currently imports around 190 million tonnes of crude oil per year or two-thirds of the nation’s total energy demand, at a cost of $145 billion.

Oil companies on Tuesday slashed petrol prices by Re 1 per litre, with diesel due to fall by Rs 2.50 in the next few days.

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