India fuel prices remain limited amid global crude volatility, Hardeep Singh Puri says

Union Petroleum and Natural Gas Minister Hardeep Singh Puri said petrol and diesel prices in India stayed largely stable. Hardeep Singh Puri linked this to sharp swings in global crude oil markets. Hardeep Singh Puri said the government kept price changes limited for consumers. The remarks came during a press conference in Sonbhadra.

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Hardeep Singh Puri said, "If we look at the situation in real terms, there has been no increase in petrol and diesel prices in the country.\" Hardeep Singh Puri said central excise duty cuts in November 2021 and May 2022 helped. Hardeep Singh Puri also referred to another recent reduction. Hardeep Singh Puri said this left the government bearing about Rs 10 per litre.

Petrol and diesel prices in India amid global crude oil markets

Asked about possible price cuts due to softer crude, Hardeep Singh Puri replied, \"There are 193 countries in the United Nations and only Japan has seen a lower increase in petroleum prices than India.\" Hardeep Singh Puri said the overall increase was limited to Rs 7.60. Hardeep Singh Puri said prices were not higher than levels seen in 2022.

Referring to tensions around the Strait of Hormuz, Hardeep Singh Puri said oil marketing companies faced heavy losses. Hardeep Singh Puri said the losses were about Rs 1,000 crore per day. Hardeep Singh Puri said the government ensured these costs were not passed to buyers. Hardeep Singh Puri added, \"If compared with 2022 prices, the rates are actually lower.\"

Hardeep Singh Puri said oil firms held inventories bought when crude was costlier. Hardeep Singh Puri said fuel rates could ease when cheaper crude reached refiners. Hardeep Singh Puri said, \"At present, companies have stocks of crude oil bought at higher prices. When crude purchased at lower prices reaches them, there is a possibility of a reduction in fuel prices.\"

Petrol and diesel prices in India as Sonbhadra development is highlighted

Hardeep Singh Puri also spoke about Sonbhadra’s development during the visit. Hardeep Singh Puri said the district was leaving behind its earlier image. Hardeep Singh Puri said it was moving towards becoming a model district. Hardeep Singh Puri said Sonbhadra ranked first in the Government of India’s Delta Ranking programme.

Hardeep Singh Puri said, \"Sonbhadra is moving out of the identity of backwardness and will soon establish itself as a model district.\" Hardeep Singh Puri linked the change to the Centre and the state working together. Hardeep Singh Puri said the remarks were part of a campaign marking 12 years. The campaign marked 12 years of the Narendra Modi government.

Hardeep Singh Puri said India saw major gains in infrastructure and energy over 12 years. Hardeep Singh Puri also cited welfare, social security, and self-reliance. Hardeep Singh Puri said, \"Our economy is growing at a very fast pace.\" Hardeep Singh Puri said India was moving towards becoming the world’s third-largest economy.

Hardeep Singh Puri said India’s economic size changed after 2014. Hardeep Singh Puri said India was the world’s 11th largest economy then. Hardeep Singh Puri said it had now become a USD 4-trillion economy. Hardeep Singh Puri also cited a rise in Sonbhadra’s per capita income since 2018.

Hardeep Singh Puri said Sonbhadra’s per capita income rose from Rs 43,000 in 2018. Hardeep Singh Puri said it was around Rs 1.2 lakh at present. Hardeep Singh Puri said, \"There is still work to be done and all of us are engaged in that effort.\" Hardeep Singh Puri said development work continued in the district.

On Uttar Pradesh, Hardeep Singh Puri said growth had strengthened across sectors. Hardeep Singh Puri said the state’s gross state domestic product rose sharply. Hardeep Singh Puri said it went from around Rs 13 lakh crore in 2016-17. Hardeep Singh Puri said it reached nearly Rs 36 lakh crore.

Hardeep Singh Puri said the state had over 23,000 startups. Hardeep Singh Puri said there were over nine lakh government jobs through transparent recruitment. Hardeep Singh Puri cited One District One Product ODOP initiatives. Hardeep Singh Puri said these steps supported jobs and economic activity across Uttar Pradesh.

Hardeep Singh Puri said Ayodhya, Kashi and Prayagraj were growing as tourism centres. Hardeep Singh Puri said they were becoming world-class spiritual and tourism hubs. Hardeep Singh Puri pointed to projects including the Ram Temple and Kashi Vishwanath Corridor. Hardeep Singh Puri also cited infrastructure created for the Mahakumbh.

Hardeep Singh Puri said fuel prices reflected both global pressures and local policy steps. Hardeep Singh Puri said excise duty cuts and absorbed losses limited increases. Hardeep Singh Puri said prices could soften after lower-priced crude reaches refiners. Hardeep Singh Puri also highlighted development indicators for Sonbhadra and Uttar Pradesh.

With inputs from PTI