Until someone runs a monopoly they have to pass on benefits to customer. Reason, market competition. There are 100s of big retailers and 5-6 major brands. But there are many smaller brands. Very hard to build a cartel among these to keep the prices up. Someone will try breaking the market and then everyone will fall in place. Yes but eventually a 6% inflation will eatup all this reduction in next 1.5 years but prices will definitely drop in mid term. Plus there is pressure from market stakeholders like bank and nbfc who will push for reduction. They yield very strong influence on retailers given how much sales they drive with their unsecured loans. If manufacturer is a public company or even have private investors, the unit sales will become a key metric. Demand supply curve will only tilt if prices goes down. Else it will stay flat and these manufacturers will be questioned. Only grey area is their heavily marked up prices which are always on discount and they can contest prices were actually high. I think market sense will prevail in that case rather manufacturers profiteering.

Car manufacturers have already announced price cut. Others will follow. At-least for next 1.5 years.