Centre Hints At Possible Reduction In Petrol, Diesel Prices If International Situation Remains Stable

Amid decline in global crude oil prices, Petrol and diesel prices are likely to be reduced in the next quarter if the international trends continue.

Union Petroleum and Natural Gas Minister Hardeep Singh Puri said in an interview with NDTV that 80-85 per cent of the crude oil used in the country is imported.

The minister acknowledged that the oil marketing companies have been good corporate citizens and have borne losses for a long time. He added that their situation is improving now.

On being pointed out that the OMCs are making profits now, and people are hoping for a reduction in petrol and diesel prices, 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".

When asked why gas prices can be reduced but not petrol and diesel prices, the minister 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".

Despite India importing 5 million barrels a day, Puri pointed out that fuel prices have remained stable for a year, and the government has also managed to keep gas prices 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 Puri.