Petrol-Diesel Prices to Fall Sharply, Claims This Report!

Petrol and diesel prices may see a significant drop soon, as crude oil prices in the international market are on a downward trend. According to a report by rating agency ICRA, if this trend continues, fuel prices could fall considerably in the coming days. However, it's still uncertain whether this benefit will directly reach the common people.

₹1.80 Lakh Crore in Potential Savings

If global energy prices continue to decline, India could save up to ₹1.8 lakh crore on crude oil and LNG imports, according to ICRA's latest estimates. India, the world's third-largest importer and consumer of crude oil, meets more than 85% of its crude oil requirements through imports. In the financial year 2024–25, the country spent $242.4 billion on crude oil imports alone.

LNG Prices Also Expected to Fall

India meets nearly half of its LNG demand through domestic production. Even with some uncertainty around demand, LNG imports cost the country $15.2 billion. Amid expectations of increased global supply, crude oil prices hit a four-year low of $60.23 per barrel earlier this week.

ICRA stated in a release that it expects the average crude oil price to remain between $60–$70 per barrel in the financial year 2025–26. At this level, oil-producing companies in India could generate a revenue of ₹25,000 crore during that fiscal. The agency also estimated potential savings of ₹1.8 lakh crore on crude oil imports and ₹6,000 crore on LNG imports in the current financial year.