The conventional understanding is that changes in petroleum and diesel prices mirror those of crude oil prices. They, in turn, are fixed in the global crude oil market by the worldwide demand for and supply of crude oil. Globally, per-barrel costs for crude oil tend to be the No.1 factor in the cost of producing petrol and diesel.
To test this hypothesis, we depicted data indicating the prices of crude oil, petrol, and diesel for the past two decades. The findings were intriguing, to say the least.