The price of the Indian basket of crude oil has hit a 10-month low of $88.6 a barrel in November, government data showed.
However, officials say this may not translate into an immediate reduction in rates at pumps as state-owned retailers might need time to recoup losses incurred earlier.
However, officials say this may not translate into an immediate reduction in rates at pumps as state-owned retailers might need time to recoup losses incurred earlier.
Over the past few days, a fresh Covid-19 outbreak in China has compounded fears of economic slowdown intensifying in major economies. As a result Brent crude spot prices fell on Monday to their lowest since January 4, touching a low of $79.92 a barrel intraday. For India, every $1 per