Indian oil minister Hardeep Singh Puri
Timing is all on India's fuel price cuts
With elections looming, the government must decide when to take the sting out of high oil prices
High global crude prices present a test for Prime Minister Narendra Modi’s government just six months before general elections are scheduled to be held in India. The government has the power to lower retail fuel prices, and sources in two major state-owned fuel retailers told Petroleum Economist the oil ministry has been in discussions for some time with state oil marketing companies (OMCs) to reduce retail prices for gasoline and diesel. Polls are due in November in five states—Rajasthan, Madhya Pradesh, Chhattisgarh, Telangana and Mizoram—and will be followed by general elections by May 2024. Speculation about a reduction in retail fuel prices increased in industry circles after the Indian
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