Global oil prices fall to multi-year lows; brent nears $58 amid global trade war

The continued slide in oil prices spells potential economic relief for India, which relies heavily on imported crude. A lower oil import bill could ease inflationary pressures and help buffer the economy against external shocks. India’s average crude basket price stood at $67.73 per barrel in April but fell to $61.89 on May 1, reflecting the global downtrend.

“While there are concerns about the first, second, and third round effects of US tariffs, especially on external demand and capital formation—one important factor is the ongoing, albeit unstated, pursuit of lower oil prices, possibly as low as $50 per barrel,” said Chief Economic Advisor V Anantha Nageswaran on Sunday.

Meanwhile, there has been no change in petrol and diesel prices in India. The last adjustment was an increase of `50 in LPG prices.