Centre clarifies petrol pricing factors and urges states to reduce VAT

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The Ministry of Petroleum and Natural Gas has clarified that retail petrol prices depend on multiple factors, not just Brent crude, and rejected the claim that ethanol blending (E20) makes petrol more expensive.
It said public sector OMCs sold petrol below cost, with average depot prices at ₹85.8 per litre, resulting in under-recoveries of about ₹11 per litre and ₹21,300 crore between March and June.
The ministry also urged state governments to cut VAT, saying this would directly lower fuel prices without central approval.
The clarification comes amid volatile oil prices following the US-Iran conflict, with Brent crude falling 7.3% to around $81.55 a barrel.

Whether state governments respond to the Centre's call to reduce VAT on petrol and diesel
Movements in Brent crude amid US-Iran tensions and any renewed disruptions around the Strait of Hormuz
Whether OMCs continue selling petrol below market-determined prices and the scale of further under-recoveries

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