India's Pump Prices Stuck Even As Global Crude Crashes

India’s fuel prices will remain elevated for some time despite the declining international crude prices, according to India’s Union Minister of State for Petroleum and Natural Gas, Suresh Gopi.

Indian drivers will not see immediate relief at the pump as fuel retailers will need time before starting selling cheaper diesel and gasoline, Gopi said on Thursday, as quoted by Indian media.

There will be a lag between the current slide in international crude oil prices and the refiners and retailers obtaining the cheaper crude supply, the…