Will Petrol, Diesel and LPG Prices Come Down? Government's Latest Update Comes Amid Rising Russian Oil Imports

Amid concerns over rising petrol, diesel and LPG prices, the Centre has said any decision on reducing fuel rates will depend on the availability and stability of global crude oil supplies. Union Minister of State for Petroleum and Natural Gas Suresh Gopi stated that the government is closely monitoring international oil market developments before taking any decision on fuel price revisions.

Will Petrol, Diesel and LPG Prices Come Down? Centre Links Decision to Crude Oil Supply

Speaking to reporters in Kerala's Thrissur district, Gopi said the situation would become clearer based on crude oil availability and the assessment of the concerned ministry headed by Petroleum Minister Hardeep Singh Puri. He indicated that the government would evaluate the overall energy supply scenario before considering any changes in fuel prices.

India Remains a Major Buyer of Russian Crude Oil

Meanwhile, India continued to remain one of the largest buyers of Russian fossil fuels in May 2026. According to data released by the Centre for Research on Energy and Clean Air (CREA), India imported Russian fossil fuels worth around 5.8 billion euros (approximately $6.7 billion) during the month.

Crude oil made up the largest share of these purchases, accounting for nearly 83% of the total imports, valued at about 4.8 billion euros. The remaining imports included oil products worth 550 million euros and coal worth 429 million euros.

Russian Oil Imports Rise as Refineries Increase Purchases

India's total crude oil imports increased by around 8% in May compared with the previous month, largely driven by a 21% rise in Russian crude purchases, CREA reported. The increase reflects continued demand for lower-priced Russian oil among Indian refiners.

Major refining centres recorded higher Russian crude arrivals during the month. Gujarat's Vadinar refinery saw imports rise by 36%, while the Jamnagar refining complex received 14% more Russian crude compared with April.

State-owned refineries also stepped up purchases after restarting imports earlier in 2026. New Mangalore refinery recorded a 13% monthly rise in Russian crude deliveries, while Visakhapatnam refinery witnessed a sharper increase of 42%. Paradip refinery in Odisha received its highest volume of Russian crude in the last two years.

Why Russian Oil Continues to Matter for India

India emerged as a key buyer of Russian crude after Western sanctions reshaped global energy trade following the Russia-Ukraine conflict. Discounted Russian oil has helped Indian refiners lower input costs and improve refining margins while ensuring a steady supply of fuel.

Despite expanding purchases from regions such as West Asia, Africa, and the United States, Russian crude continues to hold an important position in India's energy basket.

CREA's report showed that China remained the largest buyer of Russian fossil fuels in May, accounting for around half of Russia's crude exports. India followed with a 36% share, highlighting Asia's dominant role in Russia's energy trade.

The report also highlighted that refineries in countries such as India, Turkiye, Brunei, and Georgia exported refined petroleum products to countries that have imposed sanctions on Russia.

In May 2026, these exports were valued at around 641 million euros, with shipments reaching markets including the European Union, Australia, the United States and New Zealand. A portion of these products was refined using Russian crude.

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