International oil prices are hovering at nearly 6-1/2-year lows as a heavy supply glut is keeping the market outlook bearish. Inspite of this, the price of diesel and petrol in India remains unchanged. The prices of the fuel should be cut and the benefit should be passed on to the consumers.
Brent on Wednesday was up 30 cents at $43.51 a barrel by 1300 GMT, and US crude was up 10 cents at $39.41 a barrel.
Oil has lost a third of its value since June on high US production, record crude pumping in the Middle East and concern about falling demand in Asian economies.
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