India to Reportedly Review Fuel Prices if Weak Global Market Persists

The Indian government will reportedly review a possible fuel price cut if the crude oil market remains weak in the coming weeks, according to media outlets on Thursday, citing oil minister Hardeep Singh Puri. Recent declines in crude oil prices are not yet reflected in retail fuel prices because oil marketing companies are still processing higher-priced crudes purchased during the US-Iran war, the minister reportedly said. State-owned refiners reportedly lost 747.81 billion Indian rupees ($7.86 billion) from April through June, as the government directed companies to sell diesel, gasoline, and liquefied petroleum gas below market prices. Puri also highlighted that supplies during the war were stable, with no shortages or long queues at fuel stations, according to the Telegraph India. To prepare for any possible spikes in fuel prices in the future, the government will consider expanding oil storage capacities, building larger inventories, and engaging in supply agreements, The Ministry of Petroleum and Natural Gas did not immediately respond to ' request for comment.