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The good news came after Organization of the Petroleum Exporting Countries (OPEC) decided not to cut oil production.
During a meeting in Vienna, the OPEC had decided against cutting back production, despite 30% reduction in oil prices since June this year.
It is to be noted that there has already been six instances of reductions in petrol prices & 2 instances of reductions in diesel prices since the BJP government has come to power.
India is the fourth largest crude oil importer in the world with almost $145 billion in import of crude oil.
According to experts, if the slide will continue to follow, India will be a big beneficiary. The cuts will affect the Indian economy directly as it imports two-thirds of its oil requirements.