'Brent crude at $67.72 a barrel': Deepak Shenoy asks why petrol, diesel prices are still high
In a post on X, Shenoy said the current price is among the lowest recorded in the past three years and argued that retail fuel prices should reflect the sustained decline in global oil markets.
- Jul 3, 2026,
- Updated Jul 3, 2026 3:11 PM IST
As global crude oil prices slide to their lowest levels in nearly three years, Deepak Shenoy believes Indian motorists should be seeing relief at the fuel pump. Instead, with petrol and diesel prices holding steady, the Capitalmind Mutual Fund CEO has renewed calls for a price cut, questioning why the benefits of cheaper crude have yet to reach consumers.
Deepak Shenoy, CEO of Capitalmind Mutual Fund, has called on the government and oil marketing companies (OMCs) to consider reducing petrol and diesel prices after global crude oil prices fell to around $67.72 per barrel, a level last seen in February.
In a post on X, Shenoy said the current price is among the lowest recorded in the past three years and argued that retail fuel prices should reflect the sustained decline in global oil markets.
"In case you missed it, we're back right now to levels last seen in Feb, at $67.72 per barrel in July. This is among the lowest in THREE YEARS. Should consider reducing fuel prices - see the OMC profits in the last three years to realize the oligopolistic price capture," he wrote.
The remarks echo concerns Shenoy had raised earlier, shortly after petrol and diesel prices were increased. At the time, he noted that crude oil had dropped to around $70 per barrel after previously trading above $110, questioning why retail fuel prices had not been revised downward.
"It's been two months since the petrol and diesel prices were increased and crude is now down to 70 USD after being at 110+ then. Why can't we cut petrol and diesel prices again? Request the OMCs and govt to please consider. Was never a free market here but govt-led oligopoly," he wrote in an earlier post.
Why are fuel prices not falling?
The renewed debate highlights the complex nature of fuel pricing in India. Although petrol and diesel prices are officially deregulated, they do not automatically move in line with international crude prices.
Retail fuel prices are influenced by a combination of factors, including global crude prices, the rupee-dollar exchange rate, refining and transportation costs, central and state taxes, dealer commissions, and the pricing strategies of oil marketing companies.
Industry observers also note that OMCs often use periods of lower crude prices to offset losses incurred during phases when international oil prices rise sharply but retail prices remain unchanged.
With Brent crude now hovering near a three-year low, Shenoy's comments have once again brought the spotlight back on a question many consumers continue to ask: if global oil has become significantly cheaper, when will that be reflected at the fuel pump?
As global crude oil prices slide to their lowest levels in nearly three years, Deepak Shenoy believes Indian motorists should be seeing relief at the fuel pump. Instead, with petrol and diesel prices holding steady, the Capitalmind Mutual Fund CEO has renewed calls for a price cut, questioning why the benefits of cheaper crude have yet to reach consumers.
Deepak Shenoy, CEO of Capitalmind Mutual Fund, has called on the government and oil marketing companies (OMCs) to consider reducing petrol and diesel prices after global crude oil prices fell to around $67.72 per barrel, a level last seen in February.
In a post on X, Shenoy said the current price is among the lowest recorded in the past three years and argued that retail fuel prices should reflect the sustained decline in global oil markets.
"In case you missed it, we're back right now to levels last seen in Feb, at $67.72 per barrel in July. This is among the lowest in THREE YEARS. Should consider reducing fuel prices - see the OMC profits in the last three years to realize the oligopolistic price capture," he wrote.
The remarks echo concerns Shenoy had raised earlier, shortly after petrol and diesel prices were increased. At the time, he noted that crude oil had dropped to around $70 per barrel after previously trading above $110, questioning why retail fuel prices had not been revised downward.
"It's been two months since the petrol and diesel prices were increased and crude is now down to 70 USD after being at 110+ then. Why can't we cut petrol and diesel prices again? Request the OMCs and govt to please consider. Was never a free market here but govt-led oligopoly," he wrote in an earlier post.
Why are fuel prices not falling?
The renewed debate highlights the complex nature of fuel pricing in India. Although petrol and diesel prices are officially deregulated, they do not automatically move in line with international crude prices.
Retail fuel prices are influenced by a combination of factors, including global crude prices, the rupee-dollar exchange rate, refining and transportation costs, central and state taxes, dealer commissions, and the pricing strategies of oil marketing companies.
Industry observers also note that OMCs often use periods of lower crude prices to offset losses incurred during phases when international oil prices rise sharply but retail prices remain unchanged.
With Brent crude now hovering near a three-year low, Shenoy's comments have once again brought the spotlight back on a question many consumers continue to ask: if global oil has become significantly cheaper, when will that be reflected at the fuel pump?