Suresh Gopi says no petrol diesel cuts despite falling crude
Despite global crude oil prices dropping, the Indian government says there are no immediate plans to lower petrol and diesel rates.
Minister of state for petroleum and natural gas Suresh Gopi explained in the Rajya Sabha that public-sector oil companies set prices based on market trends, not direct government decisions.
So for now, fuel costs will stay put, even as many are feeling the pinch.
Delhi petrol up 8.1% diesel 11.5%
In Delhi, petrol prices rose 8.1% during this period, while diesel prices increased 11.5%, much less than the huge jumps seen in the US (70.6%) and Pakistan (160.6%).
Still, with prices above ₹100 per liter in several cities, filling up isn't exactly cheap.
Indian oil companies lost over ₹18,000cr
Crude oil spiked earlier this year due to tensions in West Asia, pushing up costs for Indian oil companies and leading to big losses: over ₹18,000 crore just last quarter.
The government did cut excise duty by ₹10 per liter back in March to help out a bit, but right now they're holding off on further cuts.