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Thursday, July 18, 2024

No price cuts for gasoline or diesel till crude stabilizes: Puri

<p>Petroleum Minister Hardeep Singh Puri made it clear the day after the countrywide price reduction of liquefied petroleum gas (LPG) cylinders by Rs 100 that there are no intentions to lower domestic rates for gasoline and diesel till global crude prices stabilize.</p>
<p><img decoding=”async” class=”alignnone wp-image-494385″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-no-price-cuts-for-gasoline-or-diesel-till-crude-stabilizes-puri-newindianexpress-2-750×741.jpg” alt=”theindiaprint.com no price cuts for gasoline or diesel till crude stabilizes puri newindianexpress 2″ width=”978″ height=”967″ title=”No price cuts for gasoline or diesel till crude stabilizes: Puri 9″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-no-price-cuts-for-gasoline-or-diesel-till-crude-stabilizes-puri-newindianexpress-2-750×741.jpg 750w, https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-no-price-cuts-for-gasoline-or-diesel-till-crude-stabilizes-puri-newindianexpress-2-1024×1012.jpg 1024w, https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-no-price-cuts-for-gasoline-or-diesel-till-crude-stabilizes-puri-newindianexpress-2-768×759.jpg 768w, https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-no-price-cuts-for-gasoline-or-diesel-till-crude-stabilizes-puri-newindianexpress-2.jpg 1200w” sizes=”(max-width: 978px) 100vw, 978px” /></p>
<p>The minister emphasized the continued under-recoveries by the oil marketing corporations and the unstable character of the global oil market.</p>
<p>“I won’t say anything more until the external environment and oil prices have stabilized, at which point a reduction in the price of gasoline and diesel can be discussed.” However, the petroleum minister said, “If you assume that an attack occurs anywhere in the world and that insurance and freight costs rise, then oil companies are suffering under-recoveries on the sale of diesel.”</p>
<p>The minister also said that despite global unrest brought on by the war between Russia and Ukraine and drone attacks on cargo ships in the Red Sea, the administration managed to prevent oil prices from skyrocketing. It was thought that the government may lower the cost of gasoline and diesel throughout the nation as the general election approached.</p>
<p>Prime Minister Narendra Modi said on March 8, 2024, that the nation’s rates for liquefied petroleum gas (LPG) cylinders will be slashed by Rs 100. The regular 14.2-kg domestic LPG cylinder will now only cost Rs 803 in Delhi, Rs 802.50 in Mumbai, Rs 829 in Kolkata, and Rs 818.50 in Chennai due to this price cut.</p>
<p>GAIL then said that CNG (compressed natural gas) will now only cost Rs 2.50 per kilogram. It is anticipated that the oil marketing corporations will be able to lower the nation’s prices for gasoline and diesel.</p>
<p>The explanation for this is that for the last three quarters, oil corporations like Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation Limited have been profitable. On May 21, 2022, Finance Minister Nirmala Sitharaman lowered the excise tax on gasoline by Rs. 8 per liter and on diesel by Rs. 6 per liter, marking the final statewide adjustment to fuel prices.</p>

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