Why India not cutting fuel prices despite 15% crude fall?

[Nitin]

Crude oil futures have dropped about 15% over the past three months, yet fuel prices in India haven't come down accordingly.

Other countries have announced cuts when global oil fell.

I know petrol and diesel prices depend on more than just crude - taxes, refining, transport, exchange rates and government policies all play a role.

But as a consumer it feels odd:

When crude goes up, fuel prices seem to rise quickly.

When crude goes down, why don't we see the same benefit?

What am I missing?

Looking for informed opinions, not political arguments.

[Arif]

Because everyone's looking out for themselves and there's no election coming up soon.

[Monica]

Because prices for the common man always seem to rise.

[Vikas]

[Ramesh]

[Shreya]

Our contracts are 30-60 days ahead, so it takes that long to bring cheaper supply to our shores and reflect a lower price.

[Benny]

Because oil is bought on futures contracts, not at the spot market price.

And this is a trading subreddit, after all.

[Shivam]

They'll probably do that, and then the Union government may start adding its surcharge again, which it had reduced to avoid price hikes when crude rose.

[Mahesh]

Kya bola?

[Shashi]

Because it takes months to take delivery at those prices - the oil you're using right now was priced 2-3 months ago. It's not like onions or potatoes; crude prices don't change instantly. The quoted price is just on paper, plus insurance premiums and many other factors keep it high.

[Deepak]

What goes up rarely comes down in India, especially when prices are controlled by the government.