Prices of crude oil have come down in the international market following the agreement between the USA and Iran. Everyone expects a reduction in prices of petrol, diesel, and gas. However, Minister of State for Petroleum, Natural Gas, and Tourism, Suresh Gopi stated on Thursday that even if there is a fall in prices of crude in the international market, there may not be a reduction in the price of petrol and diesel in India.

He explained that domestic fuel prices are influenced by several factors, including the time it takes for crude oil-purchased at lower rates-to reach India. Speaking to reporters about recent fuel price hikes, Gopi noted that while there was an increase of ₹3.94 per liter, it cannot be immediately rolled back simply because international crude oil prices have dropped. He said, "It will take time because the cheaper crude oil has to be transported to India via the Strait of Hormuz, an area with heavy shipping traffic. Therefore, it will take time for the situation to normalize."

Gopi stated that the volatility in the global energy market following the conflict in West Asia earlier this year significantly impacted Oil Marketing Companies (OMCs). The government absorbed a large portion of the burden caused by high crude oil prices to prevent the full impact from falling on consumers. He said, "The government incurred a loss of ₹12,000 crore by shouldering this burden itself. No state reduced its revenue by cutting duties on high fuel prices. The central government has to function, and oil companies also need to remain viable."

Gopi emphasized that fuel prices are determined by various market and logistical factors, not merely by fluctuations in international crude oil benchmarks. Notably, a decline in crude oil prices was recorded on Thursday. Prices of the international benchmark Brent crude fell by 1.64 percent to around $78 per barrel. Meanwhile, the Ministry of Petroleum and Natural Gas stated on Thursday that the supply of cooking gas to households across the country remains normal, despite disruptions in the supply chain.

Approximately 1.47 crore domestic LPG cylinders were supplied against new bookings of about 1.36 crore cylinders over the past three days. Additionally, around 10.02 lakh PNG connections have been activated since March of this year, and infrastructure has been put in place for another 3.22 lakh connections. Approximately 9.44 lakh consumers have registered for new PNG connections. Adequate stocks of petrol and diesel are also available at petrol pumps across the country.

Prices of crude oil have come down in the international market following the agreement between the USA and Iran. Everyone expects a reduction in prices of petrol, diesel, and gas. However, Minister of State for Petroleum, Natural Gas, and Tourism, Suresh Gopi stated on Thursday that even if there is a fall in prices of crude in the international market, there may not be a reduction in the price of petrol and diesel in India.

He explained that domestic fuel prices are influenced by several factors, including the time it takes for crude oil-purchased at lower rates-to reach India. Speaking to reporters about recent fuel price hikes, Gopi noted that while there was an increase of ₹3.94 per liter, it cannot be immediately rolled back simply because international crude oil prices have dropped. He said, "It will take time because the cheaper crude oil has to be transported to India via the Strait of Hormuz, an area with heavy shipping traffic. Therefore, it will take time for the situation to normalize."

Gopi stated that the volatility in the global energy market following the conflict in West Asia earlier this year significantly impacted Oil Marketing Companies (OMCs). The government absorbed a large portion of the burden caused by high crude oil prices to prevent the full impact from falling on consumers. He said, "The government incurred a loss of ₹12,000 crore by shouldering this burden itself. No state reduced its revenue by cutting duties on high fuel prices. The central government has to function, and oil companies also need to remain viable."

Gopi emphasized that fuel prices are determined by various market and logistical factors, not merely by fluctuations in international crude oil benchmarks. Notably, a decline in crude oil prices was recorded on Thursday. Prices of the international benchmark Brent crude fell by 1.64 percent to around $78 per barrel. Meanwhile, the Ministry of Petroleum and Natural Gas stated on Thursday that the supply of cooking gas to households across the country remains normal, despite disruptions in the supply chain.

Approximately 1.47 crore domestic LPG cylinders were supplied against new bookings of about 1.36 crore cylinders over the past three days. Additionally, around 10.02 lakh PNG connections have been activated since March of this year, and infrastructure has been put in place for another 3.22 lakh connections. Approximately 9.44 lakh consumers have registered for new PNG connections. Adequate stocks of petrol and diesel are also available at petrol pumps across the country.