India's oil minister says no immediate fuel price cut

Union Petroleum Minister Hardeep Singh Puri stated on Thursday that there is no immediate case for cutting petrol and diesel prices, despite a recent decline in global crude oil costs. He explained that state-run oil marketing companies are still processing expensive crude purchased months ago during the peak of the West Asia conflict.

The minister said retail fuel prices will only be reviewed if international crude prices remain at their current lower levels for the next several weeks. He emphasized that refiners typically purchase crude oil about two months in advance, meaning the fuel being sold now is derived from crude bought in April or early May when prices were significantly higher. Benchmark Brent crude, which had peaked at around $110 per barrel in April, was trading near a four-month low of approximately $70 per barrel on Thursday.

Puri defended the government's handling of the energy crisis, stating that India shielded consumers from the full impact of global volatility. He noted that petrol prices in India rose by only about 5.58% during the recent spike, compared to increases of around 20% in developed countries and roughly 35% in neighboring nations. This was...