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The authorities is alert of the decline successful crude lipid prices, and an due determination connected the corresponding alteration successful substance prices would beryllium taken successful enactment with the evolving planetary situation, Sujata Sharma, Joint-Secretary astatine the Union Petroleum Ministry, told reporters astatine the bi-weekly inter-ministerial briefing connected Thursday (June 18, 2026).
“Crude prices had [earlier] touched $120 per tube and is present coming down,” she stated, adding, “The authorities is seized of the substance and due decisions regarding retail prices would beryllium taken successful enactment with the evolving planetary situation.”
Further, responding to queries astir India continuing to acquisition lipid from Russia and Iran, the elder authoritative maintained that “techno-commercial” viability and reliability of proviso would beryllium the governing factors for India’s refineries for making purchases from immoderate geography.
Also Read | Oil slips again arsenic U.S., Iran motion bid deal
“We acquisition crude [oil] from much than forty countries, and the ground of each purchases is techno-commercial viability specified that they are compatible with our refineries, prices are acceptable and determination is reliability of supply,” she stated, adding, “These are imperative issues for oil-marketing companies to see erstwhile they spell for immoderate lipid purchases.”
Amid the escalating tensions successful West Asia and a spike successful benchmark Brent crude, state-owned oil-marketing companies accrued prices of petrol and diesel by astir ₹7.5 per litre crossed 4 tranches starting May 15.
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Brent crude futures had breached the $120 per barrel-mark connected consecutive days towards the extremity of April.
However, successful the run-up to the bid woody betwixt Iran and the United States – which was signed aboriginal Thursday (June 18) – lipid prices touched their lowest level successful much than 3 months.
During commercialized connected Thursday (June 18), the benchmark lipid futures (August) declined astir 3.1% implicit its erstwhile adjacent to $77.11 per barrel.
At the clip of writing, it was trading astir 1.3% little astatine $78.53 per barrel.
Among different things, the bid woody besides called for lifting the U.S. sanctions connected purchasing Iranian oil. However, the White House person fto their waiver connected purchasing Russian lipid expire June 17.
In fact, U.S. President Donald Trump had stated astatine the sidelines of the G7 Summit earlier this week, “We volition beryllium capable to bash that [increase sanctions connected Russia] due to the fact that the lipid is present flowing.”
