Why have prices remained stable for past two years?

Petrol Diesel Price 26 Nov
Petrol Diesel Price 26 Nov (source- sm)

Petrol and diesel prices have remained stable since May 2022, following tax cuts by the central government and several states. Although international market fluctuates, prices for Indian consumers have remained relatively stable.

City Price (₹/Litre)
New Delhi 77.09
Mumbai 77.00
Chennai 91.50
Bangalore 89.00
Hyderabad 96.00
Mathura 94.35
Meerut 87.05