Govt Clarifies Stand on Possible Petrol and Diesel Price Cuts

Govt Clarifies Stand on Possible Petrol and Diesel Price Cuts

The Petroleum Ministry has responded to a Parliament question on whether petrol and diesel prices could be reduced following the recent decline in international crude oil prices.

The ministry stated that oil marketing companies (OMCs) take pricing decisions based on market conditions, indicating that fuel prices are not directly determined by the government.

The government also highlighted changes in petrol and diesel prices across several major developed and neighbouring countries over the past five years.

It further noted that OMCs have faced financial losses amid the ongoing Iran war and its impact on global energy markets.
The clarification comes amid growing expectations of a possible reduction in domestic fuel prices as international crude prices ease.