Global crude oil prices have fluctuated following the easing of tensions between the US and Iran, leading people to expect relief in petrol and diesel prices. Meanwhile, Union Petroleum and Natural Gas Minister Hardeep Singh Puri has clarified that there is no compelling reason to reduce fuel prices in the current situation.

What the Minister Said:
Responding to the issue of petrol and diesel prices, Hardeep Puri said that despite the significant fluctuations in global crude oil prices, petrol and diesel prices in India have remained largely stable. He pointed out that over the past four years, petrol prices have increased by only 5.58 percent and diesel prices by 6.23 percent.

The Union Minister stated that state-owned oil marketing companies (OMCs) are still recovering cumulative under-recoveries of approximately ₹2.18 lakh crore. Furthermore, these companies still hold fuel stocks purchased when international crude oil prices were high. Therefore, reducing petrol and diesel prices is not practical at this time .

PC- Today