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India could cut petrol and diesel prices if Brent stays near $70.37 a barrel for 2–3 months, minister says

AI Market Summary
India's petroleum minister linked potential domestic petrol/diesel cuts to Brent staying near current lows for 2–3 months, underscoring how sustained weakness in global crude feeds through to end‑market pricing. Brent has slid to around $70/bbl amid easing Middle East risks, improved Red Sea/Hormuz flows, and perceived oversupply. Near‑term retail prices may lag due to higher‑cost inventory, but the policy signal reinforces downside pressure in Brent.
Impact level
● Medium
Affected assets
NCCO1OILBRENT2USD/USDT+1.82%
AI Insight · NCCO1OILBRENT2USD/USDTAI Insight
▼ Bearish
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India’s Petroleum and Natural Gas Minister Hardeep Singh Puri said petrol and diesel prices could be reduced if Brent crude stays at current low levels for the next two to three months. Brent has fallen to around $70.37 a barrel, a four-year low, amid easing geopolitical tensions and the resumption of key shipping flows. Puri said state-run oil marketing companies are still working through higher-cost crude inventories bought earlier, delaying any retail price cuts.
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