Hope for Petrol and Diesel Price Cut Grows as Global Crude Oil Falls Below $60
Amid a continuous global slump in crude oil prices, there is growing anticipation of a reduction in petrol and diesel prices in India. Brent crude prices have now dropped to $58.79 per barrel, falling by 3.79%, while US WTI crude slipped by 4%.
The downward pressure on global oil prices follows a decision by oil-producing countries under the APEC bloc to increase crude supply, leading to a weakening of oil market trends. This supply boost is putting downward pressure on fuel prices globally.
Despite the favorable international pricing environment, the Indian government has yet to announce a reduction in domestic petrol or diesel rates, leaving consumers waiting for relief at the pump.
Diesel Consumption on the Rise
In a notable shift, diesel demand in India surged by around 4% in April 2025, reversing the slow or negative growth observed over the past several months. The increased demand is attributed to the onset of summer, which typically boosts transportation and cooling-related energy needs.
According to industry data, diesel consumption rose to 82.3 lakh tonnes in April, which is:
- 4% higher than April 2024
- 5.3% higher than the same month in 2023
- 10.45% higher than pre-Covid levels in April 2019
Petrol Demand Also Increases
Meanwhile, petrol consumption increased by 4.6% in April 2025, reaching 34.35 lakh tonnes. This comes after a 19% surge in 2024, largely driven by election-related campaigning.
The steady rise in fuel demand combined with falling global crude oil prices creates strong grounds for a potential domestic fuel price revision. However, with no official move from the government so far, consumers continue to monitor the situation closely.
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