India, March 16 -- The visual, or the part-graphic, with this article may not make sense to most people. It may not gel with any reader. With the current global crude oil prices hovering around $100 a barrel, after reaching a peak of $120, as Iran and Middle East conflict continues unabated despite voices of calm and end from the western leaders, the graphic that shows a decline in crude prices may seem irrelevant. But if past experiences, including what happened since 2022, is considered, the significance will be clear. It will lead us to a mysterious narrative and logic about how global prices affect those of the petrol, diesel, and LPG.

There are two points that we wish to make. The first is both intuitive, and counterintuitive. Whene...