Who Decides Crude Oil Prices?

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Does crude oil price get regulated on demand-supply basis across the globe? If a consortium of petroleum exporting nations decide the oil price, then won't they all assemble on same page and ensure that the price does not fluctuate rapidly? Or, does the "bulk buyer of the world" demand for a particular price, which needs to be adhered by all oil producing nations? I could remember that not so far in the past a barrel of oil used to cost somewhere above $100 mark. These days it seems to hover around $40. Of course, it is also bewildering to see that such price fall hasn't got directly passed on to the end users in India. Because petrol prices to an ordinary citizen has not been reduced by the whopping 60% yet. As a child, I used to think that the "oil well owning Arab sheikhs" will determine the price of petrol and diesel. Reality seems to be different.