Petrol-Diesel Price Cut Looms: Crude Oil Hits 5-Year Low, Rs 10/Litre Drop Possible

• India's crude oil basket price fell to $59.92/barrel in Jan 2026, lowest since Feb 2021, down from $62 in Dec 2025.
• Experts predict continued price reduction due to weak global demand, abundant supply, and rising oil inventories.
• SBI Research forecasts crude oil could drop to $50/barrel by June 2026, potentially leading to a Rs. 10/litre cut in petrol and diesel prices.
• Lower crude prices benefit India's economy, saving Rs. 13,000 crore annually for every $1/barrel drop, and reducing import expenditure significantly.
• Global supply surplus (IEA estimates 3.85 million barrels/day by 2026) and Saudi Arabia's price cuts for Asian buyers are key drivers of the downturn.

Why It Matters: Falling global crude oil prices could soon bring a significant Rs. 10/litre relief to Indian motorists.