Crude Price Drop May Ease Fuel Prices in India

India's Petroleum and Natural Gas Minister Hardeep Singh Puri said on Thursday that Brent crude has fallen to around $95 a barrel, which may lead to a decrease in fuel prices. This comes after the Centre reduced excise duty on petrol and diesel three times since November 2021, including a Rs 10 per litre cut on both fuels in March 2026.

Puri emphasized that maintaining sustained energy supplies is necessary to protect consumers from global price volatility. He said the government has so far managed to cushion consumers against the worst effects of price fluctuations by reducing excise duty three times since November 2021, resulting in a significant revenue impact for the government.

The minister highlighted the government's efforts to increase compressed biogas production through the GOBARDHAN scheme. He said the government has guaranteed offtake for CBG produced under the scheme and aims to support a 10-fold increase in domestic CBG production, with currently 217 operational CBG plants and another 357 plants under construction.