India’s Oil Minister Hardeep Singh Puri has ruled out any immediate reduction in petrol and diesel prices, stating that global crude oil must remain low for several weeks before the government considers passing savings to consumers.
The minister emphasized that India has kept retail fuel price hikes to a minimum during the ongoing West Asian conflict, framing the current pricing strategy as a measure to stabilize domestic markets rather than a tool for short-term political relief.
The decision underscores the Indian government’s reluctance to adjust excise duties and state taxes on fuel despite recent volatility in global energy markets.
By linking price cuts to a sustained period of low crude prices, New Delhi is effectively maintaining higher retail prices for motorists and transport operators.
This approach preserves government revenue streams but limits the immediate economic relief for households and businesses facing high fuel costs.
Global crude prices have seen recent retreats, influenced by diplomatic developments including a preliminary peace agreement between the United States and Iran, which reduced fears of supply disruptions in the Strait of Hormuz.