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LOK SABHA
UNSTARRED QUESTION NO. 1989
TO BE ANSWERED ON 30 JULY, 2026
Reduction in Fuel Prices
1989. SHRI RAJA A:
पेट(cid:332)ोिलयम और (cid:366)ाकृ ितक गैस मं(cid:361)ी
Will the Minister of PETROLEUM AND NATURAL GAS be pleased to state:
(a) whether the Government has taken note of the fall in international crude oil prices
following the recent peace agreement signed between Iran and the United States of America,
if so, the details thereof;
(b) whether the Government would consider reducing the prices of petrol and diesel to reduce
inflationary pressures and provide relief to the general public, if so, the details thereof;
(c) whether any timeline has been fixed for reducing the retail prices of petrol and diesel, if
so, the details thereof; and
(d) if not, the reasons for continuing the higher prices of petroleum products despite the
decline in international crude oil prices?
ANSWER
पेट(cid:332)ोिलयम और (cid:366)ाकृ ितक गैस मं(cid:361)ालय म(cid:336) रा(cid:475) मं(cid:361)ी
((cid:373)ी सुरेश गोपी)
MINISTER OF STATE IN THE MINISTRY OF PETROLEUM AND NATURAL GAS
(SHRI SURESH GOPI)
(a) to (d): Prices of petrol and diesel in the country are market-determined and the Public
Sector Oil Marketing Companies (OMCs) take appropriate decision on pricing of petrol and
diesel.
Situation in West Asia continues to be volatile with repeated recurrence of the conflict. Prior
to the West Asia crisis, crude oil prices (Indian basket) were USD 69/barrel (February 2026)
and increased to USD 136.68/barrel during March 2026 and have continued to fluctuate due
to various geopolitical and market factors. Even as of 23rd July 2026, crude oil prices were
USD 103.33/barrel. Despite incurring significant losses on sale of petrol and diesel, their
prices were increased only marginally by the PSU OMCs. The current RSP of Petrol and
Diesel are Rs.102.12 and Rs. 95.20 per litre respectively (Delhi prices).
Further, to protect consumers from its impact, in March 2026, Government reduced the
excise duty on petrol and diesel by Rs. 10 per litre each, but at the same time resulting in a
substantial reduction of its tax revenues.
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