Oil Price

Very nice to hear that the oil price is reducing in recent days. Some month before the oil sold at 150$ per barrel. Now it's reduced 40$ per barrel. It's also expected to drop below 100$. Now the people from all over the world feel happy to hear this news. By the reduce in oil price some food items, oil items and other material prices can decrease. Especially kerosene,petrol,diesel, food oils, gas etc.

Y this sudden decrease in oil price. The reason is OPEC has decided not to put worse condition to the developed, developing and under developed countries. They also managed not to raise more than 100$. If any raise they will inform 6 month before. After the decrease in oil price some countries share market is raised. Due to raise in oil price the oil is oversupplied.

For more about decrease in oil price refer this article
->http://www.bi-me.com/main.php?id=24171&t=1&c=62&cg=4&mset=
->http://www.news.com.au/heraldsun/story/0,21985,24327012-664,00.html)

But even thought the oil price is reduced some countries has not reduced the oil price. Especially in India. Recently during the press meet, they have announced that there will be price reduce 2rs for petrol and 1 rs for diesel. The government have raised 5rs for petrol and 3 rs for diesel. But now they r reducing the quarter in the raise amount. Why they r not reducing 5rs on petrol and 3rs on diesel. The opposite party also demanding to reduce the hike price.

Will the Govt reduce the oil price?
When they will reduce it? one month before Election r this month
Only this petrol,diesel will be reduced r other oil items also be reduced?
What about the gas rate?

Government have to decide and take action quickly. Due to this INDIAN share market can raise and inflation can be reduced.