India's fuel prices stay high despite global crude oil price drop

Global crude oil prices fell sharply, with Brent down more than 1% to $72.40 a barrel and WTI to $70.16, after progress in U.S.–Iran talks eased supply concerns in the Strait of Hormuz.

In India, retail petrol remains above ₹100 per litre and diesel between ₹95‑99 in major cities such as Delhi, Mumbai, Kolkata and Chennai. Government oil‑marketing companies have moved into profit, earning about ₹5‑7 per litre on petrol, after earlier losses when crude peaked at $100‑120 per barrel. JP Morgan notes that lower crude strengthens marketing margins, though debt and tax uncertainties limit long‑term earnings. Officials say that if crude stays below $70 a barrel for several months, consumers could see a ₹2‑3 per litre relief on fuel prices.