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Crude oil hits four year low but petrol prices stay stubbornly high in India
Economy
Published on 24 April 2026
Global crude plunged 30% — taxes and duties keep you paying
Crude oil has fallen to a four-year low, and global rates are down nearly 30% in the last quarter. Oil marketing companies are buying cheaper crude and seeing higher margins, but retail fuel prices haven’t dropped in months. The reason: taxes and duties remain high, shielding consumers from the benefits.
- OMCs benefit from cheaper crude purchases and higher margins
- Global crude has fallen sharply in the past quarter
- Retail fuel prices have barely moved despite lower crude
- High taxes and duties absorb the crude price decline
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times