No change in petrol & diesel rates unless global crude prices fall

12 Jun 2024 CW Team

Hardeep Singh Puri, Union Minister for Petroleum and Natural Gas, stated that there will be no immediate reduction in petrol and diesel prices unless global crude oil prices drop below the $70-80 per barrel range. Speaking on the government's broader strategy for the petroleum sector, Puri emphasised that any plans to lower petrol and diesel prices would only be reconsidered in the event of a significant decrease in global crude prices.

Additionally, Puri mentioned an upcoming policy shift aimed at including petrol and diesel under the GST regime. This initiative seeks to standardise fuel prices across states, potentially bringing stability to the retail oil market.

Regarding the fiscal stance on state-owned enterprises, Puri expressed reluctance towards divesting government stakes in state-run oil companies, citing the success of entities like BPCL.

Amidst these fiscal considerations, Puri provided updates on India's energy production endeavours. The Oil and Natural Gas Corporation (ONGC) is set to commence gas production from the KG-DWN-98/2 block in the Krishna-Godavari basin, marking a significant milestone in boosting domestic energy resources. ONGC is also exploring international partnerships through a global tender to enhance technological capabilities in its western offshore operations.

Puri reaffirmed the ministry's target of achieving a 25% ethanol blending rate by 2025, aligning with global environmental objectives and strengthening the sustainability of India?s energy consumption. Discussions with Russia on securing long-term oil supply agreements were also mentioned as part of efforts to stabilise India?s energy imports amid volatile global markets. (Source: ET Energy)

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