No Immediate Reduction in Petrol and Diesel Prices: Hardeep Singh Puri

Union Minister of Petroleum and Natural Gas Hardeep Singh Puri has clarified that an immediate reduction in domestic petrol and diesel prices is not currently feasible. Despite a recent easing in global crude oil prices following the resolution of the West Asia crisis, the Minister indicated that consumers should not expect price cuts in the immediate term. He noted that the crude oil currently being refined was purchased during the peak of global price volatility, maintaining high costs for oil marketing companies.

The oil marketing companies collectively incurred losses of approximately ₹74,781 crore by selling fuels below cost during the recent conflict period. Because these companies typically purchase crude at least two months in advance, the benefits of the recent price decline in global markets have not yet translated into lower consumer prices. Minister Puri emphasized that any discussion on price reductions would only become a legitimate question if global crude prices remain at these lower levels for several sustained weeks.

The government is focusing on long-term energy security by expanding oil storage capacities to mitigate the impact of future supply shocks. While global analysts debate whether the recent crude oil glut claims are premature, the Indian government maintains a cautious approach to domestic pricing. The ministry is prioritizing the financial recovery of state-run oil companies and the expansion of the country's strategic petroleum reserves to avoid a repeat of the recent supply vulnerabilities.