New Delhi, July 2 -- Pressure is mounting on state-run oil marketing companies (OMC) to reduce prices of petrol and diesel, after private refiner Nayara Energy cut its retail fuel prices on Wednesday. While OMCs have cut prices of jet fuel and commercial cooking gas, their auto fuels remain costly, even as global crude oil prices have fallen to pre-war levels.

Around 6.45 pm, the September contract of Brent on the Intercontinental Exchange was trading at $72.16 per barrel, 1.08% below its previous close, while the August contract of West Texas Intermediate (WTI) was at $69.16, lower by 0.49%. On 27 February, a day before the US and Israeli attacks on Iran, Brent had settled at $72.48 a barrel. The Indian crude oil basket is also nearing ...