Archive · 31 Oct 2025
India's Fuel Prices Stable Amidst Declining Crude Oil Costs
Imagine the price of gas for your car.
Usually, it changes a lot because the cost of oil from other countries goes up and down.
But in India, the companies that sell gas decided to keep the prices the same for a long time.
They last changed them in March 2024.
This has helped keep the cost of fuel and power from going up, which is good for people's budgets.
Even though the price of oil from other countries has been getting cheaper, the gas price you pay at the pump hasn't changed much.
This stability has lasted for many months, helping to lower the overall cost of energy.
The price you pay is now lower than it was before March 2024, and it's staying that way for now.
This is because the price of oil the country buys has been going down steadily.
Fuel and power inflation has contracted for 10 consecutive quarters through September 2025.
Petrol and diesel prices have remained unchanged since March 15, 2024.
Petrol in Delhi costs Rs 94.77/litre and diesel Rs 87.67/litre as of March 15, 2024.
Declining global crude oil prices have led to a year-on-year fall in the fuel and power sub-index of the Wholesale Price Index (WPI).
The Indian crude oil basket price has fallen significantly from $93.15 a barrel in FY23 to $64.98 a barrel in October 2025.
- Who
- Oil marketing companies in India
- What
- Maintained stable petrol and diesel prices, leading to a contraction in fuel inflation.
- When
- Through July-September 2025, with the last price change on March 15, 2024.
- Where
- Across India, with specific price examples for Delhi.
- Why
- Declining global crude oil prices have allowed companies to maintain retail fuel prices and absorb costs, leading to a fall in the fuel and power sub-index in WPI.
Price Stability Benefit
Potential for Price Adjustment
Impact on Consumers
Price Stability Benefit
Stable fuel prices contribute to lower overall inflation, benefiting consumers by maintaining purchasing power.
Potential for Price Adjustment
While prices are stable, continued decreases in crude oil could eventually lead to further price reductions, which have not yet been fully passed on.
Market Dynamics
Price Stability Benefit
Oil Marketing Companies (OMCs) have maintained prices, potentially absorbing costs due to subdued crude oil prices, leading to a contraction in the fuel and power WPI.
Potential for Price Adjustment
The falling crude oil prices create an opportunity for OMCs to either increase profit margins or implement further price cuts, though the latter has not been widespread.
- Date of Last Price Change
- March 15, 2024
- Price of Petrol in Delhi (since March 15, 2024)
- Rs 94.77 per litre
- Price of Diesel in Delhi (since March 15, 2024)
- Rs 87.67 per litre
- Fuel and Power WPI Trend
- Contracted for 10 straight quarters through July-September 2025
- Indian Crude Oil Basket Price Trend
- Decreased from $93.15/barrel (FY23) to $64.98/barrel (October 2025)
