India could cut petrol and diesel prices as recently bought cheaper crude reaches refiners, minister says

India’s petroleum minister Hardeep Singh Puri said petrol and diesel retail prices could be reduced once lower-priced crude bought recently starts reaching domestic refiners. He said oil marketing companies are still processing higher-priced crude inventory, so any relief from softer international crude rates would take time to show up at the pump. Puri added that domestic fuel prices have risen only about Rs 7.60 per litre and that the government has repeatedly lowered central excise duties to cushion swings in global oil prices.