Ironically, crude price rise heats inflation, fall not to ease price index.
New Delhi The crude prices are easing up. The Indian crude basket has hit a three-month-low at $109.88 per barrel, down more than $ 2.55 from Tuesday.
But consumers cannot realistically expect to gain from the falling prices of crude though inflation did rise in direct proportion to crude’s spiral.
Petroleum Minister, Murli Deora says that there will no cut in retail prices of petrol and diesel.
International Crude prices have slipped for the third straight session after U-S government data showed the steepest decline in crude demand in 26 years.
Crude oil prices have slipped about 23 per cent since its record high of $ 147 dollar per barrel on July 11.
India imports three-fourth of its crude oil requirements.
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