New Delhi, April 15 -- India's average crude oil import price has fallen below $70 a barrel for the first time since August 2021 even as benchmark Brent crude on Monday opened below $65, raising hopes of a downward revision of petrol and diesel rates that could bring some cheer to customers, and enhancing the macroeconomic stability of an economy that imports most of its fuel, people familiar with the matter said.

India's average crude import cost fell to $69.39 a barrel (as on Friday), a decline of over 22% from $89.44 in April last year. Official data could not be updated because Monday was a public holiday.

Global crude oil prices may fall further because of expected weak global growth amid heightening risks of a trade war, leading t...