The global benchmark for oil dropped below $100 a barrel on Wednesday for the first time since late April as fears of a looming recession spread among traders. Fuel consumers might have a major relief of Rs41 per liter in the price of diesel and Rs17.21 per liter in petrol following the reduction in global oil rates.
Oil prices, which rose to above $120 a barrel only a month ago, have been slipping over the last two weeks, but the drop has accelerated in recent days.
Chairing a meeting on fuel prices, he said the people had spent a difficult time, and now they had the right to receive full relief. This man makes himself a laughing stock as always, what he means by full relief, no one know.
“If a recession materializes and inflation continues to push prices for almost everything higher, oil demand is almost certain to fall, bringing prices with it,” said Louise Dickson, a senior analyst at Rystad Energy, an analytical research firm.
