The government is aware of the decline in crude oil prices, and an appropriate decision on the corresponding change in fuel prices would be taken in line with the evolving global situation, Sujata Sharma, Joint-Secretary at the Union Petroleum Ministry, told reporters at the bi-weekly inter-ministerial briefing on Thursday (June 18, 2026).

“Crude prices had [earlier] touched $120 per barrel and is now coming down,” she stated, adding, “The government is seized of the matter and appropriate decisions regarding retail prices would be taken in line with the evolving international situation.”

Further, responding to queries about India continuing to purchase oil from Russia and Iran, the senior official maintained that “techno-commercial” viability and reliability of supply would be the governing factors for India’s refineries for making purchases from any geography.

Also Read | Oil slips again as U.S., Iran sign peace deal

“We purchase crude [oil] from more than forty countries, and the basis of all purchases is techno-commercial viability such that they are compatible with our refineries, prices are acceptable and there is reliability of supply,” she stated, adding, “These are imperative issues for oil-marketing companies to consider when they go for any oil purchases.”

Amid the escalating tensions in West Asia and a spike in benchmark Brent crude, state-owned oil-marketing companies increased prices of petrol and diesel by about ₹7.5 per litre across four tranches starting May 15.

Also Read | Oil prices tumble to 3-and-half month low as potential peace deal signing nears

Brent crude futures had breached the $120 per barrel-mark on consecutive days towards the end of April.

However, in the run-up to the peace deal between Iran and the United States – which was signed early Thursday (June 18) – oil prices touched their lowest level in more than three months.

During trade on Thursday (June 18), the benchmark oil futures (August) declined about 3.1% over its previous close to $77.11 per barrel.

Nayara Energy cuts petrol price by ₹5 a litre, diesel by ₹3 as global oil rates cool down

At the time of writing, it was trading about 1.3% lower at $78.53 per barrel.

Among other things, the peace deal also called for lifting the U.S. sanctions on purchasing Iranian oil. However, the White House have let their waiver on purchasing Russian oil expire June 17.

In fact, U.S. President Donald Trump had stated at the sidelines of the G7 Summit earlier this week, “We will be able to do that [increase sanctions on Russia] because the oil is now flowing.”