If global oil prices stay low, petrol and diesel prices may be cut in India. This relief is much needed as current prices encourage inflation and pressure households. 

Pankaj Jain, secretary at the Ministry of Petroleum and Natural Gas, India, has asked state-run fuel companies to consider reducing prices if global crude rates stay low for a long time. Additionally, India wants to increase its oil supply from OPEC+ and purchase more crude oil from cost-effective suppliers like Russia. 

Despite the recent slump in crude oil prices, Indians have not seen a reduction in petrol and diesel prices. Just before the general election, the government asked state-run retailers to reduce petrol and diesel prices by Rs 2 per litre. 

Indians in many states still pay over Rs 100 per litre for gasoline, while diesel prices remain above Rs 90 a litre. India, the third-largest oil importer and consumer globally, relies on overseas sources for over 87% of its oil needs. The government is also discussing crude windfall tax with the finance ministry.

The future of investing is here! Unicorn Signals leverages advanced AI technology to provide you with powerful market predictions and actionable stock scans. Download the app today and 10x your trading & investing journey!