New Delhi, Aug. 3 -- The Union government has sought to dispel common misconceptions around petrol prices, defending retail fuel pricing and explaining why a fall in global crude oil prices does not immediately translate into cheaper petrol at the pump.

In a social media post, the Ministry of Petroleum and Natural Gas said retail fuel prices are influenced by several factors, not just Brent crude oil, the global benchmark.

The clarification comes as oil prices fell sharply, with Brent crude dropping 7.3% in early Asian trade on Monday after futures posted their biggest monthly gain since March, surging nearly 25% in July.

Myth: "Crude oil prices have fallen, so petrol should immediately cost below Rs.84/litre."

Fact: According to the ...