Union Petroleum and Natural Gas Minister Hardeep Singh Puri has indicated that petrol and diesel prices in India could be reduced if international crude oil prices remain low for the next few weeks, offering hope of relief for consumers amid easing global energy markets.

Speaking on the outlook for domestic fuel prices, the minister said the government and public sector oil marketing companies are closely monitoring global crude oil trends before taking a final decision. He suggested that any reduction in retail fuel prices would depend on sustained stability in international crude prices rather than short-term fluctuations.

Global crude oil prices have softened in recent weeks following easing geopolitical tensions in West Asia and the resumption of shipping through the Strait of Hormuz. The decline has led to expectations that Indian consumers could also benefit if the lower prices continue.

Despite the fall in crude prices, petrol and diesel rates at retail outlets operated by public sector oil marketing companies have remained unchanged. According to the minister, these companies are still recovering losses incurred during the period when international crude prices surged sharply, prompting a cautious approach to any immediate reduction in retail fuel prices.

Industry experts believe sustained lower crude prices would improve the financial position of oil marketing companies, making a revision in fuel prices more feasible. However, officials have indicated that any decision will be based on market conditions over the coming weeks rather than a temporary decline in global prices.

Meanwhile, the government has also revised export duties on certain petroleum products in response to changing global oil prices. Effective July 1, export duties on diesel and aviation turbine fuel (ATF) have been reduced, while the export duty on petrol has been increased to help ensure adequate domestic supplies.

Private fuel retailer Nayara Energy recently announced a reduction in petrol and diesel prices across its retail network. However, Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation, which together account for the majority of the country's fuel retail market, have not announced any changes in pump prices so far.

Officials said fuel prices in India continue to be influenced by multiple factors, including international crude oil prices, exchange rates, taxes and the financial position of oil marketing companies. Consumers are now awaiting further clarity on whether the recent decline in crude prices will translate into lower retail fuel prices in the coming weeks.