NEW DELHI: Falling global energy prices after a preliminary US-Iran agreement to end hostilities and reopen the Strait of Hormuz may bring relief to Indian refiners and gas consumers. Refiners have been selling petrol, diesel and domestic LPG below market rates, while users have faced sharp increases in gas prices, including CNG.
Brent crude slipped to nearly $83 per barrel Monday, a significant development for India, which imports nearly 88% of its crude oil requirement. The rate at which Indian refiners procure crude, was recorded at $86.77 per barrel Friday, the latest available price, and is expected to decline following the fall in global energy prices.
Spot LNG prices jumped from around $10 per million British thermal units (MMBtu) before the crisis to as high as $25 per MMBtu, before moderating to an average of about $18 per MMBtu now.
When asked whether it could also lead to a reduction in petrol and diesel prices, Sujata Sharma, joint secretary in petroleum ministry, said it was too early to comment.
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About the Author
Atul Mathur is a Senior Assistant Editor at The Times of India with over 27 years of experience in journalism. Based in Delhi, he has spent much of his career reporting on governance, public policy and politics, churning out researched, data-driven stories that impact daily lives. Atul is known for investigative depth and strong human-interest narratives as he strives to bring clarity and context to complex issues. He currently tracks the energy sector, writing on power, renewable energy, coal and mines.
