Will Petrol, Diesel Prices Come Down Now? Oil Minister Explains Why You May Have To Wait

Summary

A cut in retail fuel prices in India is unlikely in the immediate future, despite international crude oil prices falling sharply from their recent highs. Oil Minister Hardeep Singh Puri explained that state-run refiners are still processing costlier crude purchased during the peak of the geopolitical crisis, which was bought two to two and a half months ago when prices were higher. Retail fuel prices could be reviewed if international crude prices remain at lower levels for a sustained period, according to the minister.