US is seeing a all time low price of -37.63% on monday. But in India which is highest import of crude oil not seeing any fall in retail prices. Total import will be touched $100
billion which is 83% of total crude oil available with India.
The major difference is the US crude oil rates are different from crude oil of middle east. India mainly import crude oil from Oman, Dubai and Brent crude whereas US import from WTI. The prices are also slashes in middle east but just 5% closing to $27. Thats why rates are not getting lower in India.
Moreover the excise duty, state taxes will not not allow government to low down the retail prices of petrol and diesel. Moreover the capacity to store crude oil is already full due to ongoing Corona pandemic so government is not willing to reduce prices.
In India, we have the costliest retail rate as compare to world because it is 20% of the total revenue generated by government from all means. The supply is full but consumption is zero so government is not willing to cut the petrol diesel prices.