THE crash in global crude oil prices raises questions in relation to the petroleum pricing policies of the Government of India.
India imports around 80 per cent of its crude oil requirements so international prices of crude oil have a direct bearing on the price of petroleum products.
In January 2014 when the global price of crude oil was 106 dollars per barrel the retail price of petroleum products, petrol and diesel were Rs 72.43 and Rs 54.34 per litre (Delhi prices) respectively.