“Government’s Potential Reduction of Petrol and Diesel Prices Unconfirmed, Clarifies Petroleum Minister Hardeep Puri”
In response to recent media speculations regarding a potential reduction in petrol and diesel prices ahead of the 2024 Lok Sabha elections, Union Petroleum Minister Hardeep Singh Puri has dismissed these reports as speculative and mischievous.
In response to recent media speculations regarding a potential reduction in petrol and diesel prices ahead of the 2024 Lok Sabha elections, Union Petroleum Minister Hardeep Singh Puri has dismissed these reports as speculative and mischievous.
Addressing the press, Minister Puri clarified that there have been no discussions with oil marketing companies concerning any proposed fuel price cuts. He emphasized the current global turbulence, citing conflict situations in specific regions and highlighting challenges to shipping in the Red Sea, a crucial route responsible for 12% of global shipping traffic.
Puri underscored the potential impact of disruptions in the Red Sea, noting that a substantial portion of LNG cargo and crude oil, amounting to 8.2 million barrels per day, traverse through this route. Recent attacks by Houthi rebels in the Red Sea led to a $2 surge in oil prices earlier in the week, signaling the vulnerability of global energy supply chains to such disruptions.
Highlighting the comparative stability in fuel prices in India, Minister Puri mentioned the staggering rise in diesel prices by 40 to 80% in neighboring South Asian countries. He also noted price hikes in western industrial regions, contrasting them with the maintained prices within India.
Attributing this stability to strategic decision-making and leadership, Puri referenced the central excise duty cuts implemented in November 2021 and May 2022, leading to the effective moderation of fuel prices in India.
“The visionary leadership and strategic policy measures undertaken have enabled us to maintain stable fuel prices amidst global uncertainties,” stated Minister Puri.
The minister’s remarks come in the midst of heightened global concerns about energy security, particularly in the wake of geopolitical tensions impacting critical energy transit routes. As of now, there are no concrete plans or discussions regarding an immediate reduction in petrol and diesel prices by the central government.
Puri urged for a cautious approach, highlighting the need to monitor and manage potential challenges that could impact the energy landscape in the foreseeable future.
Sources By Agencies
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