Signs of reduction in fuel price! What did Union Minister Hardeep Puri tell the oil companies? – न्यूज़लीड India

Signs of reduction in fuel price! What did Union Minister Hardeep Puri tell the oil companies?

Signs of reduction in fuel price!  What did Union Minister Hardeep Puri tell the oil companies?

Union minister Hardeep Puri has urged oil companies to cut fuel prices in India as well if global prices are under control.


oi-Jyoti Bhaskar

Updated: Sunday, January 22, 2023, 21:33 [IST]

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Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Sunday urged oil companies to reduce oil prices in India as well, amid a continuous rise in fuel prices. He said, if international oil prices are under control and companies have stopped under-recovery, then oil companies in India should also cut prices.

“I expect that if the under-recovery (or deficit) ends, the prices should come down,” he said at an event in Varanasi. It is also interesting that state-owned oil companies – Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) have not cut petrol and diesel prices in the last 15 months. Now that oil prices have fallen, the damage is being recouped.

According to Union Minister Hardeep Puri, the oil companies behaved responsibly as corporates. Despite the jump in fuel prices after Russia’s invasion of Ukraine, consumers were not affected much, he said. He said, the government did not ask the oil companies to control the prices, but the companies themselves controlled the prices.

A Livemint report on Fuel Price said, the freezing of oil prices had resulted in a record-breaking loss of ₹17.4 per liter on petrol and ₹27.7 per liter on diesel for the week ending June 24, 2022. Input crude oil prices had increased from $102.97 a barrel that month to $116.01 a barrel in June. The prices have fallen to $82 per barrel in the same month. However, the three fuel retailers have kept the prices of petrol and diesel unchanged from April 6, 2022.

Three firms reported negative net income as a result of not changing prices, according to the report. At this time the input cost was higher than the retail selling prices. LPG subsidy of Rs 22,000 crore was declared but not paid. Despite accounting for this, oil companies posted a combined net loss of Rs 21,201.18 crore from April to September.

According to Union Minister Hardeep Puri, the government knows the loss figures for six months and it should be compensated. According to the reports, the oil prices have seen volatility in the global market in the last few years. At the start of the pandemic in 2020, prices turned negative. 2022 saw wild ups and downs. After the Russian army invaded Ukraine in March 2022, crude oil prices reached a 14-year high of around USD 140 per barrel. The jump in prices came despite weak demand and an economic slowdown in China, Russia’s top importer.

Emphasizing on the efforts of the central government to maintain oil prices at an affordable level, Union Minister Hardeep Puri said, despite the increase in international price, the government can manage oil prices, as the Center has decided to increase oil prices in November 2021 and Excise duty reduced in May 2022. However, some state governments did not do so. Oil prices are still high there due to non-reduction of VAT.

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Puri said, India is the third largest energy consumer in the world. Domestic oil and gas exploration is progressing in the country. Dependence on any one country or source in importing is decreasing. Alternative energy sources are changing. Gas and green hydrogen are being used for energy security.

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english summary

Fuel Price Hardeep Puri Indian Oil companies global crude oil price decline

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