Fuel Prices Will Not Change Immediately In India Despite Crude Oil Price Drop: Petroleum Minister
New Delhi: Union Minister of State for Petroleum and Natural Gas Suresh Gopi on Thursday, June 18, signalled that the drop in international oil price will take time to translate into relief at the pump in India.
The minister’s remarks fueled debate because Indian customers will not get fuel price drop right away, even though global oil prices have dropped to pre-war levels. The government had hiked the petrol and diesel price for more than three times recently, citing international crude oil price hike and the supply disruptions due to the Iran-US war.
After the war officially ended, with the US and Iran signing a deal, the crude oil price returned to the pre-war state, with Brent crude dipping near $74 per barrel and WTI hovering around $73 per barrel. This sharp drop was primarily triggered by an interim peace agreement between the US and Iran
When global crude oil prices dropped, people on X expected India to cut fuel prices. India had raised prices earlier because of war-related uncertainty. However, the fuel price remain unchanged in the country, with several users expressing frustration over government’s reluctancy to change the price despite the crude oil drop.
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