- By Shubham Bajpai
- Thu, 02 Jul 2026 06:47 PM (IST)
- Source:JND
- Minister Hardeep Puri hints at petrol diesel price reduction.
- Price cut depends on sustained low crude oil rates.
- No final decision made on fuel price reduction yet.
Prices of petrol and diesel are likely to be reduced in the coming weeks as Union Petroleum and Natural Gas Minister Hardeep Singh Puri (Hardeep Singh Puri Latest Statement) has dropped a big hint amid normalising conditions in West Asia.
He indicated that if international crude oil prices remain low for the next two to three months, a reduction in petrol and diesel prices could be considered. However, he clarified that no final decision has been made on this matter at this time.
The price cut is expected by the consumers as the Brent Crude price has fallen to pre-war levels. While addressing a press conference in Delhi, Puri explained that during the West Asia War, international crude oil prices spiked.
OMCs suffered losses of Rs 74,781 crore
During the war, state-owned oil marketing companies (OMCs) incurred losses totalling Rs 74,781 crore by June 30 by selling petrol, diesel, and LPG below cost.
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He highlighted that despite lowered international prices, the refineries are processing the crude purchased during wartime.
"Today, we are using the same crude oil that was purchased two months ago. If this decline in prices persists for the next 2-3 months, we will review the situation. However, this is only a possible scenario at this time," Puri responded to a question of reduction in fuel prices.
Hike in India lowest among neighbours, developed countries
Minister Puri also stated that during the US and Israel's war with Iran, petrol price spiked by approximately 20 per cent in developed countries while in India's neighbourhood the hike was around 35 per cent.
In contrast, the hike in India was merely 5.58 per cent. Moreover, there was no fuel shortage at the country's 1.07 lakh petrol pumps, nor did any pump have to shut down between February 28 and the end of June.