Fuel price dynamics in India refer to the fluctuating costs of petrol, diesel, and other petroleum products, primarily influenced by global crude oil prices, e…
The 1991 economic liberalisation marked a significant shift from a centrally planned economy, initiating reforms that gradually opened the petroleum sector. This move be…
In April 2002, India completely dismantled the Administered Pricing Mechanism (APM) for most petroleum products, a system that controlled fuel prices. This move aimed to…
The 2008 Global Financial Crisis triggered extreme volatility in international crude oil prices, with Brent crude peaking at nearly $147 per barrel before plummeting. De…
On June 26, 2010, the Indian government deregulated petrol prices, allowing oil marketing companies to determine retail rates based on international crude oil prices and…
Following petrol, diesel prices were fully deregulated on October 18, 2014, ending decades of government control and subsidies. This move was crucial for reducing the fi…
From June 16, 2017, public sector oil marketing companies began revising petrol and diesel prices daily across India, instead of fortnightly. This change aimed to better…
The onset of the COVID-19 pandemic in March 2020 led to unprecedented global lockdowns, severely impacting crude oil demand and causing prices to plummet, even briefly t…
The Russia-Ukraine war, beginning in February 2022, triggered a significant surge in global crude oil prices, exacerbating an already tight market. This geopolitical eve…
On March 7, 2024, the Indian government announced a reduction of ₹2 per litre for both petrol and diesel across the nation. This move, coming just ahead of the Lok Sabha…
Read the complete story, FAQs and key facts.