Crude Oil Below $60 After 4 Years: Will Petrol-Diesel Prices Drop in India?

• India's crude oil basket dropped below $60/barrel in Jan 2026, lowest since Feb 2021, signaling potential petrol-diesel price cuts.
• SBI Research forecasts crude prices could fall to $50/barrel by June 2026, driven by global oversupply and softening demand.
• A $1/barrel drop in crude saves India ₹13,000 crore annually, significantly cutting the import bill and aiding fiscal deficit.
• Saudi Arabia has reduced prices for Asian buyers; the narrowing Brent-WTI gap could shift Indian refinery sourcing preferences.
• Lower crude prices promise reduced transportation costs and inflation relief for common citizens across India.

Why It Matters: Falling crude oil prices below $60/barrel offer India significant savings and potential petrol-diesel price cuts.