Petrol, diesel prices to fall? Here's what government said
The government cut excise duty by ₹10 per litre in March but has announced no fresh fuel price cut.
The government clarified that it does not directly control petrol and diesel prices, as they are determined by market forces and the public sector oil companies. Petroleum Minister Suresh Gopi stated this in the Rajya Sabha while responding to a question about the government's intentions to lower fuel prices amid falling international crude oil prices.
Despite global oil price volatility, Indian petrol and diesel prices have increased less than several developed and neighboring countries over the past five years. For instance, Delhi saw an 8.1% rise in petrol prices and an 11.5% increase in diesel prices from June 2021 to June 2026, while the US saw a 70.6% jump in petrol prices and a 59.9% increase in diesel prices during the same period.
The government noted that major public sector oil companies absorbed much of the price increase, resulting in losses for them in the first quarter of 2026-27. The government reduced excise duty on petrol and diesel by ₹10 per litre in March 2026 to shield consumers from the impact of rising international crude prices, leading to significant tax revenue reduction. Prices for petrol and diesel still vary across cities due to state taxes and local levies.
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