Is a petrol and diesel price cut coming before Maharashtra elections?
"Oil prices remain volatile. Prices fell below $70 one day last week, but rose the next day," the official told reporters on condition of anonymity.
Global oil benchmark Brent crude futures fell below $70 a barrel last week - for the first time since December 2021 - but rose thereafter.
On Thursday, Brent was trading at $74.58 a barrel, while West Texas Intermediate was at $71.71 a barrel.
Petrol and diesel prices have been deregulated, meaning oil companies have the freedom to set retail rates.
State-owned fuel retailers IOC, BPCL and HPCL have not revised prices in line with costs since late 2021.
Last week, Oil Secretary Pankaj Jain said that if international oil prices continue to fall, oil companies will take appropriate decisions to reduce fuel prices.
IOC, BPCL and HPCL had recorded bumper profits of about Rs 81,000 cr in the financial year ending March 31, 2024. much higher than their annual income of Rs 39,356 cr in the years before the oil crisis.