Will petrol, diesel prices go down soon? Govt answers big question amid easing crude oil prices

ASkip in petrol and rudolf diesel prices may non be prompt despite the recent slump in global crude oil prices, union minister of petroleum and natural gas Hardeep Singh Puri indicated on Thursday.On whether there would be a reduction in fuel prices, Puri said this would be a "legitimate question" if international crude oil prices remained low for the next few weeks, according to a PTI report.Also Read | ‘76 days of fuel, no immediate risk’: Oil minister Hardeep Puri bets on reserves, diversification amid global disruptionPuri on crude oil pricesPuri also said India should use the current phase of lower oil prices to bolster its energy security by expanding oil and fuel storage capacity and stepping up outreach to bilateral partners, Reuters reported.The country's total crude stocks at ports, terminals, refineries and strategic petroleum reserves are enough to meet demand for 76 to 80 days, he said, adding that New Delhi "should have more.""Maybe that's one of the lessons we've learned". We have learned the lesson and we will try to increase storage," Puri added, referring to the crisis in the Gulf region.Crude oil prices started falling only in the second half of June after the US and Iran reached an agreement to end the conflict.However, oil marketing companies are still processing crude purchased when prices were significantly higher during the West Asia crisis.Oil marketing companies incurred losses of ₹74,781 crore from selling petrol, diesel and LPG below cost for the period up to June 30, when global crude prices spiked in the wake of the conflict in West Asia, the minister said.International crude prices have since eased, but companies are currently refining crude bought at the peak of the crisis, Puri told reporters.Oil companies typically purchase crude oil—the raw material used to produce fuels—at least two months in advance. As a result, the crude being processed now was largely bought in April or early May, when international prices were much higher.Also Read | India has adequate fuel stocks despite Iran crisis: Hardeep PuriPuri on oil prices and the US-Iran warLast month, Puri said the rise in petrol and diesel prices in India had remained limited despite sharp volatility in global crude oil markets."If we look at the situation in real terms, there has been no increase in petrol and diesel prices in the country," Puri said while addressing a press conference during his visit to Sonbhadra as part of the Centre's campaign marking 12 years of the Narendra Modi government.He said Prime Minister Narendra Modi had reduced the central excise duty on fuel in November 2021, May 2022 and again recently, with the government absorbing a burden of around ₹10 per litre each on petrol and diesel.Responding to a question on whether domestic fuel prices would be reduced in view of softer international crude oil prices, Puri said, "There are 193 countries in the United Nations and only Japan has seen a lower increase in petroleum prices than India."He said the overall increase in petrol and diesel prices had been limited to ₹7.60 and added that, compared to the prices prevailing during the Russia-Ukraine conflict that began in 2022, "there has actually been no increase."