Fuel Prices Stable? Minister Puri Says 'No Real Increase,' Hints at Future Dip!
Fuel Prices Stable? Minister Puri Says 'No Real Increase,' Hints at Future Dip!
Union Minister Hardeep Singh Puri states petrol & diesel prices haven't truly risen, crediting govt. absorption of crude oil costs. Get ready for potential price cuts as cheaper oil arrives! #IndiaFuel #PetrolDiesel
Union Petroleum and Natural Gas Minister Hardeep Singh Puri has asserted that petrol and diesel prices in India have seen "no real increase," despite global crude oil volatility. Speaking in Sonbhadra as part of a government campaign, Puri highlighted that the Narendra Modi government has actively absorbed a significant portion of rising international oil costs, protecting consumers from their full impact.
The minister pointed out that compared to the prices seen during the Russia-Ukraine conflict starting in 2022, the cumulative increase in petrol and diesel prices has been limited to just ₹7.60. He also emphasized India's relatively stable position globally, stating that among 193 UN countries, only Japan has experienced a lower increase in petroleum prices than India.
Puri credited Prime Minister Narendra Modi's administration for cutting central excise duty multiple times – in November 2021, May 2022, and again recently. These cuts represent a substantial burden absorbed by the government, estimated at around ₹10 per litre for both petrol and diesel. This strategic move, he explained, has been crucial in mitigating the direct impact of global price fluctuations on domestic consumers.
Looking ahead, Puri hinted at the possibility of a reduction in domestic fuel prices. He suggested that if lower-priced crude oil, following recent global agreements like the US-Iran peace deal, reaches Indian refiners, consumers could see some relief at the pumps. This prospect offers a glimmer of hope amidst ongoing concerns about fuel costs.
However, the ground reality in some areas tells a slightly different story. A slight shortage of petrol is currently being reported in parts of Thane, Mumbai. This has led to long queues of motorists at several petrol pumps as residents rush to refuel their vehicles, illustrating the immediate impact of supply dynamics on daily life. Meanwhile, Puri also mentioned that oil marketing companies are incurring significant losses, about ₹1,000 crore per day, due to tensions around the Strait of Hormuz, adding another layer of complexity to the fuel market situation.
#FuelPrices #HardeepSinghPuri #IndiaFuel #PetrolDieselUpdate
