Union Petroleum and Natural Gas Minister Hardeep Singh Puri indicated that if crude oil recently bought at lower prices reaches Indian refineries, prices of petrol and diesel could go down. Also, he said that despite huge fluctuations in the global oil market, there has been very little increase in domestic fuel prices. Addressing a press conference in Uttar Pradesh’s Sonbhadra district, Puri said that oil marketing companies (OMCs) are still processing crude oil purchased at higher prices and it will take time to see the impact of the fall in international crude oil prices in retail fuel prices. He said that right now the companies have in stock the crude oil purchased at high prices. When the crude oil purchased at lower prices reaches them, there is a possibility of reduction in fuel prices.
Puri defends fuel prices
The minister said that despite disruptions in the global energy market and geopolitical tensions, especially around the Strait of Hormuz, fuel prices in India have remained largely stable. Puri said that if we look at the actual situation, there has been no increase in the prices of petrol and diesel in the country. He said that the Narendra Modi government has reduced the central excise duty on petrol and diesel in November 2021, May 2022 and recently, due to which the government itself has borne the burden of about Rs 10 per liter on both the fuels.
Less increase compared to 193 countries
Answering a question on domestic fuel prices, Puri said that there are 193 countries in the United Nations and only Japan has seen a lesser increase in petroleum prices as compared to India. He said the total increase in petrol and diesel prices has been limited to around Rs 7.60 and claimed that there has been virtually no increase in fuel prices in 2022 compared to the prices during the Russia-Ukraine conflict. Puri also said that oil marketing companies are currently incurring losses of around Rs 1,000 crore every day, but the government has ensured that the full impact of rising crude oil prices does not pass on to customers.
Fuel prices rise amid tensions in the Middle East
Fuel prices have risen sharply in recent weeks as geopolitical tensions in West Asia have weighed on global energy markets. Petrol and diesel prices have increased by about Rs 7.5 per liter since the Middle East crisis began, and prices have changed several times in a short period of time. These increases have raised concerns about inflation, transportation costs and pressure on household budgets, with higher fuel prices also affecting logistics and supply chains. Industry experts have warned that OMC margins remain under pressure due to high crude oil prices and weak rupee, despite recent changes in fuel prices.
Petrol and diesel prices in metros
If we talk about the price of petrol and diesel in the four metros of the country, no change has been seen. The price of petrol and diesel in Delhi is Rs 102.12 and Rs 95.20 per liter respectively. Whereas in Kolkata the price of petrol is Rs 113.51 and the price of diesel is Rs 99.82 per liter. Whereas in Mumbai the prices of petrol and diesel are seen at Rs 111.21 and Rs 97.83 per liter respectively. Whereas in Chennai the price of petrol has come to Rs 107.77 and diesel to Rs 99.55 per liter.
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