Petrol & Diesel Prices Latest: Fuel Prices To Fall Soon As Crude Oil Gets Cheaper? Oil Minister Explains

Oil Minister Hardeep Singh Puri has signaled the chances of easing in fuel prices as cheaper crude oil arrives. In a press conference in Uttar Pradesh, Puri said oil marketing companies (OMCs) are evaluating crude oil bought at higher prices and the possibility of passing the benefits of softer crude rates. However, it will take time to reflect in gasoline and diesel’s retail prices.

Petrol, Diesel Prices To Fall Soon?

In the conference, he said, “At present, companies have stocks of crude oil bought at higher prices. When crude purchases at lower prices reach them, there is a possibility of a reduction in fuel prices.”

He explained that the fuel prices have been relatively stable and better compared to other countries despite the global energy crisis that escalated due to the US-Israel-Iran war.

He added, “There are 193 countries in the United Nations and only Japan has seen a lower increase in petroleum prices than India.”

Furthermore, Puri said, if we look at the situation in real time, there has been no increase in petrol and diesel prices in India. He pointed out that the government lowered excise duties on petrol and diesel in November by 2021, May 2022 and again 2026, absorbing an impact by Rs 10 per litre on fuel rates.

He further stated that the cumulative increase in petrol and diesel prices was limited to around ₹7.60 per litre, asserting that fuel prices have effectively remained unchanged compared to the levels seen during the 2022 Russia-Ukraine conflict.

According to Puri, OMCs are presently losing up to Rs 1,000 crore per day due to keeping fuel rates steady and bearing the burden of higher crude oil prices.

Petrol Prices In India

Petrol prices were hiked by four times in May alone. The last hike in petrol prices was in the range of Rs 2.46 to Rs 2.95 per litre with effect from May 25, 2026. Prior to this, petrol prices were raised by Rs 0.87 to Rs 1.46 on May 23, and earlier were hiked by Rs 0.82 to Rs 1.71 per litre. OMCs began hiking petrol prices for the first time since April 2022, by Rs 2.82 to Rs 3.39 per litre on May 15, 2026. The reason is the shocks of US-Iran war.

Latest Petrol Rates Here:

Diesel Prices In India:

Just like petrol, diesel prices also faced heavy hikes due to the West Asia war. The latest round of hike was by Rs 2.57 to Rs 3.03 per litre on May 25, followed by hike of Rs 0.87 to Rs 1.45 per litre on May 23. Diesel rates were also hiked by Rs 0.84 to Rs 1.22 per litre on May 19 and the first hike began on May 15 to the tune of Rs 2.74 to Rs 3.26 per litre since US-Iran conflict.

Latest Diesel Rates Here

Crude Oil Prices

Currently, US WTI Crude Oil Futures trade at $77.332 per barrel and Brent Crude is around $80.6 per barrel. In the past 1 month, both crude oils have nosedived by 21% to 24%. Last week alone, they plunged by 8% after Israel and Hezbollah called for a truce, following the US-Iran ceasefire agreement.

The truce, if maintained, could remove a major obstacle to broader peace efforts between the US and Iran. Meanwhile, Tehran said vessels passing through the Strait of Hormuz would require mandatory insurance policies, which are currently free but could incur charges later, reinforcing its claims over the strategic waterway. Market data suggested shipping activity slowed after an earlier surge in tanker movements, with no outbound vessels seen leaving the Persian Gulf on Friday morning. In contrast, nearly 10 million barrels of crude were observed transiting or positioned near the strait on Thursday, including the first Saudi-owned tankers to move since the conflict began more than three months ago. Uncertainty continues after planned US-Iran talks in Switzerland were canceled, as per Trading Economics.