India's fuel price paradox: Global prices lower but pump rates still high

Global oil prices have slumped and India has access to larger amounts of discounted Russian crude oil, yet refiners are not passing on their savings to consumers

Minister of Petroleum and Natural Gas, Hardeep Singh Puri, extolled the virtues of affordable fuels to Indian consumers in a speech he gave last week at a CII event titled ‘Powering Amrit Kaal Through Energy Transition’. He said, “India has successfully been able to modulate the effective price to consumers, thus insulating the common man from price rise and volatility in international prices.” 

Agreed, Indian consumers were insulated when fuel prices touched near records in the early part of 2022. But motorists are now overpaying for fuels after international rates of petrol and diesel crashed 40 to 50 per cent