Union Petroleum Minister Hardeep Singh Puri on Wednesday refuted the reports speculating big cuts in fuel prices in the coming months and termed the reports regarding the price cuts as ‘speculative’ and ‘mischievous’. The Union Minister’s remarks came after various media reports suggested big revision in fuel prices ahead of the 2024 Lok Sabha elections.
Puri also clarified that no such discussion regarding the price cuts with the oil marketing company has been done by the central government.
“All these media reports are not only speculative, but I would turn around and say they are slightly mischievous. I have already clarified that there has been no such discussion with oil marketing companies on any such issue,” Union minister Hardeep Singh Puri said in a press briefing.
“We are in a turbulent situation. There are conflict situations in two particular areas on the globe,” Puri added.
Further stating that the fuel prices have increased in South Asian countries, the minister said, “In South Asian countries, the prices of petrol and diesel increased by around 40 to 80 percent. If you look at the Western industrialised world, the prices have gone up there, but prices have come down in India.”
“We are able to do it because of far-sighted and visionary leadership. Central excise duty reduction was done on two occasions, November 2021 and May 2022 and we carried that into 2023,” he added.
#WATCH | Delhi: Union Minister Hardeep Singh Puri says, "In the South Asian countries, the prices of petrol and diesel increased by around 40-80%. If you look at the Western industrialized world, the prices have gone up there…but here prices have come down. We are able to do it… pic.twitter.com/CwzzqO3neU— ANI (@ANI) January 3, 2024
Crude oil prices expected to stay low
Meanwhile, energy experts are suspecting that lower demand and higher oil output are expected to weigh on crude oil prices in early 2024. However, the experts believe that only geopolitical tensions in the Middle East could drive up oil prices, moneycontrol reported.
Demand from China, which is the largest energy consumer in the world, has not recovered amid the economic slowdown in the country. Concerns over demand due to a weaker global economy and rising crude inventories in the US have led to lower crude prices in November and December.
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