For the first time , the price of crude oil went down to zero dollars, the price of petrol and diesel will decrease in India!
New Delhi, 21/4: Crude oil prices in the US market fell below zero dollars per barrel on Monday. This is the first time in history that the price of crude oil went negative. Due to Coronavirus infection, functioning is stalled in many countries around the world. The crude oil price fell to -37.63 dollars a barrel on Monday due to over-supply of crude due to low demand. Despite the historical decline in crude oil, retail prices of petrol and diesel in India will not be affected.
India a major importer of crude oil
India is a major importer of crude oil. 85 percent of consumption is met through imports. In such a situation, whenever crude is cheap, India benefits. When the oil is cheaper, there is no decrease in imports, but India’s balance of trade also decreases.