Petrol, Diesel Prices To Come Down? Union Minister's Hint, And A Caveat

The central government hinted today that petrol and diesel prices may be reduced in the next quarter if the international situation remains stable. 

In an exclusive interview with NDTV, Union Petroleum and Natural Gas Minister Hardeep Singh Puri said 80-85% of the crude oil used in the country is imported. "Our oil marketing companies have been good corporate citizens and have borne losses for a long time. Their situation is improving now," said the minister.

When it was pointed out to him that the companies are making profits now and people are hoping for a reduction in petrol and prices, Mr Puri said in Hindi, "If the international situation remains stable, then I agree with you. Then there is a possibility of reducing prices as we go along, in the next quarter."

The minister was told that people are asking that if gas prices can be reduced then why can't there be a cut in petrol and diesel prices. To this, he said, "This is a legitimate question but the answer depends on the international situation. Prime Minister Narendra Modi will take a decision that will benefit both the consumer and the economy."

Mr Puri pointed out that fuel prices have not gone up in India for a year despite the country importing 5 million barrels a day, and gas prices have also been kept under control. 

"PM Modi took some decisions at the right time which helped the prices. Excise duty was cut in November 2021 and May 2022 and that resulted in petrol and diesel prices reducing by Rs 6 and Rs 13," said Mr Puri.

Petrol and diesel prices in Delhi are Rs 96.72 and Rs 89.62, respectively, today.