New Delhi, Aug. 3 -- The Union government recently busted myths around petrol prices as it defended retail petrol states across India. Arguing that fuel prices are not solely determined by Brent crude oil, the global benchmark, it several listed factors that decide retail rates. This social media post comes at a time oil prices crashed 7.3% in early Asia trade, after futures marked their biggest monthly gain since March and surged almost a quarter in July.

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

Fact According to the Ministry of Petroleum and Natural Gas, petrol prices are not determined by crude oil prices alone. Factors that influence retail prices are listed below:

Petroleum Ministry i...