Oil prices are decreasing continuously in the global market and it is expected that it may touch the level of 40 dollar per barrel in the near future. In the month of June last year it was 115 dollar per barrel and today it is ranging between 57-60 dollar per barrel. Almost the prices have been decreased by 50% in the global market but in India the prices have not fallen at this proportion.
Whatever the reason may be there of falling oil prices it is benefiting both end consumers and the government. Our country's oil import bill will come down which ultimately will lead to achieve the fiscal deficit target of 4.1% this year. It may have negative impact in the long run if the oil exporting countries' economy goes into the slowdown mode.
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