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The price cut comes against the backdrop of softening international crude oil prices and an easing of geopolitical tensions in West Asia, which had previously pushed global energy markets higher.

Following a review of the supply situation of petroleum products in the country, the Government has concluded that the temporary regulatory measures are no longer required in the public interest.

The Ministry of Petroleum and & Natural Gas said that It has been observed that Private Oil Marketing Companies are experiencing a decline of approximately 38% in HSD offtake during the current month, across both retail outlets and bulk customers due to higher rates fixed by them.

In a post on X, Kharge compared fuel prices and crude oil rates between 2014 and 2026, alleging that the Centre was continuing its “profiteering” at the cost of common citizens.

The latest revision has pushed petrol prices above the Rs 100-mark in all four metro cities, while diesel rates continued to edge closer to the century mark in several cities.

The latest revision follows consecutive increases over the past week amid rising global crude oil prices and pressure on oil marketing companies.

In a major blow to the consumers, prices of petrol and diesel have been hiked by 90 paise per litre on Tuesday.

Following the revision, petrol prices in Delhi rose to Rs 97.77 per litre from Rs 94.77, while diesel prices increased to Rs 90.67 per litre from Rs 87.67.

According to the Goodreturn market news website, on May 11, the petrol price stands at Rs 94.77 per litre while the price of diesel is 87.67 per litre in New Delhi with no change recorded from yesterday.

The government has acknowledged that LPG supply chains have been impacted by the US-Iran war. The govt. emphasised that the domestic consumers are its top priority, with no reported ‘dry-outs’ at distributor levels.