Bhubaneswar: After 20 months of unaltered rates, there is no imminent reduction in petrol and diesel prices. Despite a decline in global crude oil prices and companies capitalizing on sales, the prevailing prices persist for consumers. Petroleum Minister Hardeep Singh Puri confirmed today that there is no plan to decrease oil prices, dismissing media reports as speculative.
Shedding light on the government’s stance, he disclosed that no talks have occurred with companies regarding a reduction in oil prices. “We aspire for price stability with a positive long-term outlook,” he emphasized. Media reports suggest the potential for a Rs 4-6 per litre decrease in the prices of petrol and diesel.
India, which relies on imports for 80 percent of its needs, is contemplating a shift in its procurement strategy. Due to the inadequate discount offered by Russia, purchasing oil from there seems economically unfeasible. Consequently, India has commenced sourcing oil from countries like Saudi Arabia and Venezuela. The objective is to procure oil from nations not subjected to US sanctions.