Falling Oil Prices Fuel Speculation of Petrol, Diesel Rate Cut in India
Global crude oil prices have dropped to levels seen before the US-Iran conflict, raising expectations of fuel price relief in India. Petrol and diesel prices in India have increased by approximately Rs 7.5 per litre since May 15. The first retail price hike had come more than two and a half months after the US-Iran war began. Private fuel retailer Nayara Energy has already moved ahead by cutting its petrol and diesel prices. This development has intensified speculation about whether state-owned oil companies will follow suit with a similar reduction.
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