 "oil, oil prices, brent crude, oil crisis, currency depreciation, iran oil crisis, global oil, oil firms, economy")
As crude oil prices take a dip, retail prices of petrol and diesel in Indian cities have failed to follow suit in equal measure. While some attribute it to the complex formula used in the country to arrive at fuel prices, others see it as a perfect opportunity for oil-marketing companies (OMCs) to make up for discounts offered a month back.
Brent crude prices on Monday closed at $59.2 per barrel, a 13-month low. Retail petrol price in New Delhi was Rs 74.49 a litre and diesel was Rs 69.29 a litre.
The retail prices are benchmarked to the C&F price of
