Global oil prices have fallen 52% since 2014.And Indian petrol prices fall just 1%?
The graph below looks at diesel, petrol and crude oil prices in India in dollars/litre from June 2014 to December 2016. The benchmark for crude oil prices in India, the Indian basket, dropped from $0.69 two years ago to $0.33 last month.
Petrol prices in India, on the other hand, have fallen only one cent from $1.05/litre in 2014 to $1.04/litre after an official price revision in January 2017. So why hasn't it fallen more?
(Hover over the points to trace the change in prices over the past two-and-a-half years.)