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In the midst of the lull in the crude oil prices across the globe, Union Petroleum and Natural Gas Minister Hardeep Singh Puri has come to the rescue of the public who were now looking for a petrol and diesel cut in India. During the West Asia crisis, losses of more than ₹74,000 crore were incurred when OMCs were buying crude at higher prices two months ago, the minister added to reporters.

“If the oil prices stay low in the coming few weeks/2-3 months, then there will be legitimate questions for a potential downward adjustment in the price of the commodity,” Puri added. It remains to be seen if that trend goes on, he said, while it's “slightly hypothetical” right now.

The private firm Nayara Energy has cut petrol prices by ₹5 per litre and diesel by ₹3 per litre already since July 1. But unannounced cuts have yet to be announced by major public sector companies. Fresh crude coming in from cheaper sources to the refinery in India may take time for consumers to get immediate relief. The government remains vigilant in monitoring the situation so as to balance the consumer interest and the viability of the industry.