Lower Oil Prices Do Not Mean Cheaper Fuel, Why? | Mint Primer | Mint

Crude oil prices which touched rock bottom when the covid pandemic broke out in 2020 have gained steadily since then, as the world made progress in the battle against the coronavirus. However, with the onset of the Russia-Ukraine war in February and following supply chain disruptions, oil prices began climbing, peaking at $127.98 in March. With the global economy slowing down, crude oil prices fell as low as $76.1 in the first week of December. However, retail customers may have to wait longer for relief, why? Let us analyze the implications of cheaper oil for the Indian economy.