Even if the daily price cut on petrol and diesel remains between 15 and 30 paisa till April 1, the marketing margin will remain high at Rs 8-10 per litre.
Leading OPEC producers Saudi Arabia and Abu Dhabi have said they will increase output while cutting prices, giving big consumers the chance to fill up at discounted prices
The margin on crude oil, which was set at 16.3 per cent on friday, kept on rising today with MCX imposing margins of up to 60%
Oil minister Dharmendra Pradhan said late on Monday that India is open to importing oil from Russia.
But it is also an increasingly dangerous place because of recent attacks on tankers, raising fears that the route is vulnerable to assaults that could threaten and destabilise oil prices
Crude oil's rally to $70 a barrel is threatening to clip India's economic wings; while India would like to see the prices at $50 a barrel, Saudi Arabia is said to be aiming for oil near $80
Energy has been the weakest performing sector so far this year
Three countries make up a fifth of 97 million bpd in global oil consumption