When crude oil prices fall, we always wonder why this does not translate to lower pump prices when we go to the petrol kiosks. This is because although crude oil is the main raw material of the finished products, there are many cost components in the production process. Unless these correspondingly fall, the cost of crude oil prices may not see an immediate correction.
On the other hand, oil prices in their current negative territory may not be beneficial to consumers.
Firstly, the world is running out of storage capacity for crude oil.
Secondly, we are already seeing lower demand with the shutdowns around the world.
Thirdly, this oil price situation will cause a ripple effect on other sectors when oil & gas companies go bust as a result of losses.
It is better that we have stable oil prices than have this trigger a trial of events that further injure an already fragile world economy. Check out these articles for the details of what is happening around the world regarding oil.