New Delhi,21st July 2025: After remaining unchanged for a long time, there is now a possibility of a change in petrol and diesel prices. If the price of crude oil per barrel remains around $65 for an extended period in the international market, fuel prices in India may come down, said Petroleum Minister Hardeep Singh Puri. He expressed hope that fuel prices might reduce in the next two to three months.
The Minister emphasized that everything depends on the overall situation. If a geopolitical crisis arises, the situation may change. Although crude oil is currently priced around $65 per barrel, it can potentially go up to $150. With crude oil prices at the $65 level, oil companies are currently making profits. In such a scenario, the government could reduce petrol and diesel prices to provide much-needed relief to consumers, he stated.
According to information from rating agencies, oil companies are presently making a profit of ₹12–15 per litre on petrol and ₹6.12 on diesel. However, despite this, these companies have not changed fuel prices for over a year. A few months ago, there was an opportunity to reduce prices, but that hope vanished after the Central Government increased the excise duty by ₹2 per litre.
Earlier, oil companies used to revise fuel prices daily. Suddenly, this process was stopped without any official announcement. These companies previously adjusted fuel rates based on the price per barrel of crude oil and the rupee’s exchange rate against the US dollar. Currently, petrol prices in most Indian states are hovering around ₹100 per litre, while diesel prices are above ₹90 per litre.