Petrol-Diesel Price Cut Soon As Brent Crude Slips To Pre-War Levels? Petroleum Minister Responds

Last Updated:July 02, 2026, 16:42 IST

Responding to questions on a possible fuel price cut, Union Petroleum Minister Hardeep Puri said the government would review the situation if lower crude oil prices remain stable.

With global Brent crude prices falling back to pre-West Asia conflict levels, speculation is growing over whether petrol and diesel prices in India will also be reduced.

Responding to questions on a possible fuel price cut, Union Petroleum Minister Hardeep Singh Puri said the government would review the situation if lower crude oil prices remain stable.

“The prices are fixed on the basis of supplies procured a couple of months back. If the situation persists, we will relook it," Puri said.

The minister also noted that oil marketing companies (OMCs) are still processing crude purchased at the peak of the West Asia conflict, which is why the decline in international crude prices has not yet translated into lower retail fuel prices.

“International oil prices have come down, but companies are still processing crude bought at the height of the West Asia crisis," he said.

According to Puri, OMCs incurred losses of Rs 74,781 crore by selling petrol, diesel and LPG below cost during the period leading up to June 30.

Retail fuel prices in India witnessed a cumulative increase of nearly Rs 7.50 per litre following the outbreak of the West Asia conflict. To cushion the initial impact, the government significantly reduced import duty before later allowing retail prices to rise.

During the conflict, Brent crude prices surged to nearly USD 120 per barrel, while Indian oil marketing companies absorbed combined daily under-recoveries of around Rs 2,400 crore.

Since then, global Brent crude prices have retreated to pre-conflict levels to around USD 70 per barrel after the US and Iran signed a memorandum of understanding (MoU) aimed at ending hostilities.

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Saurabh VermaSenior Sub-editor

Saurabh Verma covers general, national and international day-to-day news for News18.com as a Chief Sub-editor. He keenly observes politics. You can follow him on Twitter --twitter.com/saurabhkverma19

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