New Delhi: Retail fuel prices in India remain unchanged even as there has been a sharp correction in international crude oil prices. As of Thursday (June 25), petrol and diesel rates remained as it was while US crude fell below USD 70 a barrel.Brent crude dropped to pre-war levels at about USD 72-73 a barrel as opposed to USD 120 a barrel at the height of the US-Israel war against Iran in West Asia that triggered a global economic crisis earlier this year.Petrol and diesel rates in the country have been unchanged since May 25, when state-owned fuel retailers last hiked prices by Rs 2.61 per litre and Rs 2.71 per litre, respectively.According to a Deccan Chronicle report, the fall in global oil prices offered a significant economic tailwind for India, which is the world’s third-largest crude importer, as it eases inflation risks, reducing the import bill and improving the government’s fiscal position. India imports over 88% of its crude oil requirements and even a USD 10-per-barrel fall in crude prices can translate into billions of dollars in annual savings on its import bill.However, the report noted that fuel prices were not immediately adjusted as typically, they are guided by average oil prices over the preceding fortnight or month, rather than daily international price fluctuations.“Any benefit from the recent correction in crude prices may take time to be reflected at the pump if lower international rates are sustained,” industry experts told the daily.PTI cited officials saying that state-run oil marketing companies were making healthy marketing margins on petrol sales, although diesel continues to be sold at a modest loss. Moreover, they said that retail prices had not increased for nearly two-and-a-half months when global crude rates rose, and when prices were finally revised, only a part of the hike in international rates was passed on to consumers.According to PTI, pressure is likely to mount on fuel retailers and the government to pass on some of the gains to consumers, if crude prices remain at pre-war levels for an extended period.If the fall in crude prices stays consistent, it also strengthens the outlook for the Indian rupee as it would reduce the demand for dollars to pay for energy imports, per the news agency.