Retail prices of fuel in India crossed a life-time high of Rs 90 a litre in Maharashtra on Monday. Coupled with this, the Organization of the Petroleum Exporting Countries’ (OPEC) latest demand outlook is going to further raise problems for the country.
India imports close to 80 percent of its oil needs, most of which is via OPEC. An intergovernmental organization of 15 nations, the producer’s group is witnessing flat demand due to the US ramping up its tight oil production and countries opting for the latter. Watch the video to find out how the OPEC and United States affect India's petrol prices.
Thumbnail - Petrol at Rs 90 a Litre, OPEC's Negative Demand Outlook Not Helping