petrol-diesel
Union Petroleum and Natural Gas Minister Hardeep Singh Puri has given his response to the questions being raised regarding the prices of petrol and diesel. He said that during the Hormuz crisis, there was a huge increase in fuel prices in many countries of the world, but India did not let this burden fall on the common consumers.
Puri said that in developed countries the prices of petrol and diesel increased by more than 20 percent during that period. Whereas in neighboring countries like Pakistan, Sri Lanka, Nepal and Bangladesh, prices were increased by an average of 35 percent. In comparison, prices in India increased by only about 5 percent.
“If the price has not increased, then why expect a big cut now?”
The minister said that now people are asking that when the international situation has become normal and the prices of crude oil have come down, then when will the prices of petrol and diesel reduce. On this he said that the prices in India had not increased as much as they were increased in other countries. In such a situation, it is not right to expect big cuts now.
He said that many people argue that the price of crude oil has come down from $128 per barrel to around $70, hence petrol and diesel should also be cheaper. On this he said that such comparison does not show the complete picture.
It takes time for the impact of the fall in crude oil to be felt
Hardeep Singh Puri clarified that the effect of fall in crude oil prices in the international market is not immediately visible in the Indian market. The entire process of oil procurement, transportation, refining and distribution takes time. Therefore, it may take some time for the benefits of reduction in global prices to reach consumers.
He said that if crude oil prices remain stable and low in the international market for the next two to three months, then the possibility of further relief in prices can be considered. However, at present it is too early to say anything definite about this and this is only a discussion based on possibilities.
