New Delhi, July 23 -- The government on Thursday did not indicate whether it would reduce petrol and diesel prices despite the recent decline in Brent crude oil prices, saying international oil markets remain highly volatile due to the ongoing West Asia crisis and public sector oil marketing companies (OMCs) have incurred heavy losses.

In a written reply to an unstarred question in the Lok Sabha, Minister of State for Petroleum and Natural Gas Suresh Gopi cited the continued volatility in international crude oil prices due to the West Asia crisis as the government responded to queries related to reduction in petrol and diesel prices.

"The price of Brent crude oil was USD 122.86/barrel on 30th April 2026 and USD 68.17/barrel on 2nd July ...