International crude price now at $36 per barrel, a 75.5 percent crash from its all time high of $147 in July 2008.

In last one week alone international crude prices have dropped more than 22 percent. NYMEX crude for January delivery was closed at $36.27 yesterday.

This steep cut is mainly because U.S. government inventory data on Wednesday showed a rise in crude and fuel stockpiles.

Even though crude prices have dropped more than 75 percent, cut in petrol and diesel prices announced on December 6 was only around 10 percent.

Many countries have reduced their domestic fuel prices according to the steelp decline in the international market.

Pakistan reduced domestic oil prices 4 times in November, now petrol is priced at 36 Indian Rupees per little.

Yesterday China announced another cut in petrol and diesel prices, 6 rupees cut per little from Jan 1st - new rate is 37.3 Indian Rupees per little for petrol.

In United States Petrol prices have dropped to 21 (Indian Rupees) from an all time high of 51 Rupees in July.