Global crude oil prices drop to a four-year low

Global crude oil prices dropped to $84 per barrel on Wednesday, raising hopes that retail fuel prices will be slashed further. India currently imports around 190 million tonnes of crude oil per year or two-thirds of the nation’s total energy demand, at a cost of $145 billion. This accounts for more than a third of the nation’s import bill. Besides causing a reduction in fiscal deficit (the amount of money the government borrows to fund its expenses), the fall in crude oil prices will also ease prices of domestic food and fuel. Oil companies on Tuesday slashed petrol prices by Re 1 per litre, with diesel due to fall by Rs 2.50 in the next few days.


Author: Intercultural Resources

Intercultural Resources is a forum for research and political intervention on issues related to the impacts and alternatives to destructive development. Our effort draws upon the social, cultural, material and intellectual resources that have been generated in the course of dialogues between people of different cultures on questions of social justice, development and self-rule. We are of the view that dialogue can sustain plurality and open possibilities for recovery of the ground lost on account of inter-cultural alienation, which is manifest in a variety of forms of violence that we encounter everyday at different levels of social life. Intercultural Resources is based in Delhi, India. Email:

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