Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, clarified on Sunday that there are no intentions to reduce or freeze retail fuel prices in anticipation of the upcoming Lok Sabha elections. He emphasized that the costs are determined by international and various other factors, and considering the deregulation of the oil and gas industry, the current trend of fixing prices will persist. Puri mentioned that India has experienced a reduction in fuel prices in recent years, and even BJP-ruled states have lowered the VAT rate. He stated that the frequent elections in India and the country’s dependence on 85% imported crude oil have no direct correlation.
In response to questions about potential disruptions in oil supply due to attacks on ships in the Red Sea, Puri expressed uncertainty and highlighted the need for the nation to make alternative arrangements in such situations. Regarding fuel prices in Kerala, Puri suggested that people question their government for not reducing its share of excise duty. He also noted that certain state governments derive revenue by taxing petroleum products and alcohol, making them unlikely to lower prices. Puri highlighted India’s diversified oil imports from 39 countries, with increased purchases from Russia due to favorable pricing and discounts. Addressing disinvestment rumors about Bharat Petroleum Corporation Limited (BPCL), Puri asserted that the highly profitable company is not up for sale, emphasizing the overall profitability of oil marketing companies.
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