Govt remains non-committal on reducing petrol, diesel prices amid fluctuating crude prices
New Delhi, July 23
The government on Thursday did not indicate whether it would reduce petrol and diesel prices despite the recent decline in Brent crude oil prices, saying international oil markets remain highly volatile due to the ongoing West Asia crisis and public sector oil marketing companies have incurred heavy losses.
In a written reply to an unstarred question in the Lok Sabha, Minister of State for Petroleum and Natural Gas Suresh Gopi cited the continued volatility in international crude oil prices due to the West Asia crisis as the government responded to queries related to reduction in petrol and diesel prices.
"The price of Brent crude oil was USD 122.86/barrel on 30th April 2026 and USD 68.17/barrel on 2nd July 2026. However, the Brent crude prices continue to heavily fluctuate and have again increased to USD 92.19/barrel on 21st July 2026," the minister said.
The reply came in response to a question on whether the government had taken any decision to reduce the prices of petrol and petroleum products, including LPG, in line with the decline in Brent crude oil prices.
While explaining the factors influencing domestic fuel prices, the government did not comment on decision on reducing the retail prices of petrol or diesel.
Instead, the government said India imports more than 88 per cent of its crude oil requirement and that international crude prices have risen significantly since March 2026 because of the West Asia crisis.
"To protect consumers from its impact, in March 2026, Government reduced the excise duties on petrol and diesel by Rs. 10 per litre each, resulting in a substantial negative impact on its tax revenues," the minister said.
The reply also said the continuing geopolitical uncertainty had affected the finances of state-run oil retailers.
"The conflict in the West Asia has not abated and the resultant geopolitical situation continues to be highly volatile. PSU OMCs have incurred huge losses on the sale of petrol, diesel, LPG, etc. Against this, Petrol and Diesel prices were increased only marginally by the PSU OMCs," the minister said.
According to the government, the current retail selling price in Delhi stands at Rs 102.12 per litre for petrol and Rs 95.20 per litre for diesel.
The reply did not specify any timeline or conditions under which petrol and diesel prices could be reduced.
— ANI
Reader Comments
The minister's reply is full of data but where is the relief for common people? Petrol at Rs 102 per litre in Delhi, we are paying through the nose. They cut excise duty by Rs 10 but have they even thought about how much we are paying in state taxes? At least the government should clarify a timeline for reduction when crude stabilizes. Common sense toh hai? 🤔
I understand the geopolitical situation, but why do prices go up like a rocket and come down like a feather? When crude falls from $122 to $68, we see barely any reduction. But when it goes up by $20, petrol becomes Rs 10 costlier. OMCs are making huge profits and the government is just silent. We need more transparency in pricing. This is not fair to the aam aadmi. 😡
I'm from the US and even we are feeling the pinch. But India's dependence on imports is staggering. The government did cut excise duty significantly in March, which shows they care. But global oil markets are a mess right now. The West Asia crisis is real and unpredictable. India can't just magically reduce prices. Let's be realistic. It's economics, not politics. 📊
Petrol at Rs 102 is just too much for middle-class families like ours. My husband uses his bike to commute and we spend almost Rs 4000 per month just on petrol. The government should at least reduce VAT or local taxes to give us some relief. OMCs might have losses but we also have families to feed. Please think about the common citizen sir. 🌸🙏
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