IOC, BPCL, And HPCL Are Free To Set Their Own Fuel Prices, Says Hardeep Singh Puri

After the recent cut in excise duty on petrol and diesel, now Petroleum and Natural Gas Minister Hardeep Singh Puri has said that the various oil marketing companies like Hindustan Petroleum Corporation (HPCL), Indian Oil Corporation (IOC), and Bharat Petroleum Corporation (BPCL) can fix their own fuel prices, according to a report in CNBC-TV18.

Hardeep Singh's comments came after Nirmala Sitharaman's announcement on Saturday wherein the Finance Minister announced its big decision to cut central excise duty on petrol by Rs 8/litre and on diesel by Rs 6/litre. The key decision helped in bringing down the prices of petrol by as much as Rs 9.5/litre and diesel by Rs 7/litre. The central government decision to cut the excise duty sharply had revenue consequences of nearly Rs one lakh crore yearly.

The move was aimed to bring the spiraling inflation under control. India's retail inflation, measured by the Consumer Price Index (CPI) surged to 7.79 percent in the month of April due to rising fuel and food prices, according to the data released by the statistics ministry.

Earlier, the minister thanked the Modi-led central government for bringing down the central excise on petrol and diesel and said that it highlights the PM Modi's commitment to the concerns of citizens and his leadership. He took to his social media handle Twitter to express his thanks. Below is the tweet: