Crude oil prices influence petrol and diesel prices in India, but they do not determine pump prices on their own. The rupee-dollar exchange rate, international prices of refined fuel, freight, operating costs, central excise, state VAT and oil marketing company (OMC) pricing decisions all affect how—and when—a change reaches consumers.
How crude oil reaches the pump price
A useful way to understand the process is as a chain: international crude and refined-product markets affect the rupee cost of fuel and import logistics; refinery and OMC costs and margins contribute to the price; then taxes, dealer commission and local conditions shape the amount paid at the pump. This describes the relevant factors, not a published formula for calculating a litre of petrol or diesel.
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India imports more than 85% of its crude oil requirements, according to the Ministry of Petroleum and Natural Gas in a release dated 15 December 2022. Because crude is generally priced internationally in foreign currency, both the global price and the exchange rate can affect its rupee cost. The government also identifies shipping, inland freight, insurance, refinery margins, dealer commission and other cost elements as relevant.
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Crude and refined fuel are related but distinct markets. OMCs consider international prices of petrol and diesel as well as crude oil prices. A fall in crude, therefore, does not by itself establish that the international benchmark price of finished petrol or diesel has fallen by the same amount.
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Who sets petrol and diesel prices in India?
The Petroleum Planning & Analysis Cell (PPAC) says petrol prices became market-determined on 26 June 2010 and diesel prices on 19 October 2014. Public-sector OMCs decide prices in line with international market prices and other market conditions, and may raise or lower them. PPAC states: “The Public Sector OMCs not only increase but also decrease the prices accordingly.” PPAC pricing FAQ
That policy framework does not promise a fixed or immediate pass-through from crude to retail prices. The official explanations list several inputs, but do not establish a universal rupee-per-litre formula or a guaranteed timetable for changing pump prices.
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Why a crude-price change does not translate one-for-one
- Refined-product prices can move differently. Petrol and diesel have their own international market prices, which OMCs consider alongside crude.
- The exchange rate changes the rupee cost. A dollar-denominated import can cost more or less in rupees even if its dollar price is unchanged.
- Logistics and operating costs matter. Shipping, insurance, inland freight, refinery margins, inventory and other costs are part of the pricing picture.
- Taxes and commissions affect the retail total. Central excise, state VAT and dealer commission sit alongside underlying fuel and distribution costs.
- OMC decisions and timing mediate the change. Market conditions affect whether and when a retail price is adjusted; the listed factors do not imply a mechanical daily response.
PPAC also uses terms such as import parity price, export parity price and refinery gate or transfer price. Import parity describes a hypothetical cost of importing a product at Indian ports, including items such as the free-on-board price, ocean freight, insurance, customs duty and port dues. Export parity reflects export realization, including an advance-license benefit. The refinery gate or transfer price is what OMCs pay domestic refineries for finished products at the refinery gate. These benchmarks help explain pricing inputs; none is the final pump-price formula. PPAC pricing FAQ
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Taxes can affect what consumers pay independently of movements in crude. In a Rajya Sabha answer in July 2025, the government said central excise was reduced in two tranches—in November 2021 and May 2022—by ₹13 per litre for petrol and ₹16 per litre for diesel, and that the reductions were passed on to consumers. The answer also noted that some states reduced VAT.
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The same answer said both fuels received a ₹2-per-litre price reduction in March 2024. It also stated that a ₹2-per-litre-per-fuel excise increase in April 2025 was not passed on to consumers. These are dated examples of policy effects, not a statement of current tax rates or a rule that a tax change always has the same retail effect. Rajya Sabha answer, July 2025
A historical example of why the relationship is not one-for-one
A Ministry of Petroleum and Natural Gas release dated 15 December 2022 compared November 2020 with November 2022. Over that period, the average Indian crude basket rose 102%, from US$43.34 to US$87.55. In the same comparison, Delhi retail prices rose 18.95% for petrol and 26.5% for diesel. The figures illustrate that crude and pump-price movements can differ; they are a dated comparison, not a current trend or a fixed pass-through ratio. Ministry of Petroleum and Natural Gas, 15 December 2022
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Why prices vary by location
There is no single national pump price: state taxes and local distribution conditions matter. For one dated reference, PPAC listed the retail selling price at an Indian Oil Corporation outlet in Delhi on 6 October 2026 as ₹102.12 per litre for petrol and ₹95.20 per litre for diesel. Those are Delhi outlet figures for that date, not all-India prices. PPAC prices
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How to read a crude-to-fuel price comparison
When comparing a crude-price move with a petrol or diesel price, check that the figures refer to the same period and distinguish the measures involved:
- Crude benchmark versus international refined-product prices.
- Dollar prices versus the rupee-converted cost.
- Central excise versus state VAT and local levies.
- A national or global trend versus a particular city or outlet.
- The date a policy or price change was announced versus when it took effect or appeared at retail.
The government lists crude purchase price, exchange rate, shipping charges, inland freight, refinery margin, dealer commission, central taxes, state VAT and other cost elements among the factors affecting retail prices. Ministry of Petroleum and Natural Gas, 15 December 2022
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