GUWAHATI: Petrol and diesel prices may be reduced in India if global crude oil prices remain low, according to Pankaj Jain, Secretary at the Ministry of Petroleum and Natural Gas.
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Speaking on Thursday, September 12, Jain stated that oil companies could consider cutting fuel prices in the near future.
Global crude prices saw a significant drop on Tuesday, September 10, with benchmark crude futures falling below $70 per barrel, marking a 33-month low. This is the first time since December 2021 that crude has dropped to this level. As fuel demand rises, India is pushing for increased oil output from the Organisation of Petroleum Exporting Countries (OPEC), its allies, and Russia.
India, the world’s third-largest oil importer, may benefit from this dip, potentially easing domestic fuel prices if the trend persists. The government remains focused on securing stable oil supplies to meet the growing demand.