New Delhi: Union Minister Hardeep Singh Puri said Thursday the government could reduce petrol and diesel prices if global crude oil rates remain subdued in the weeks ahead.
Speaking at a press conference, he noted that oil marketing companies recorded losses of Rs 74,781 crore on petrol, diesel and LPG sales through June 30, after the West Asia crisis pushed up fuel costs and created market swings. International prices have eased, yet firms continue to process crude purchased at peak crisis levels, he added.
Puri detailed under-recoveries for April-June: Rs 19,905 crore on petrol, Rs 1.44 lakh crore on diesel and Rs 24,148 crore on LPG, for a total of Rs 1.88 lakh crore.
He said India has started importing from countries with no prior trade ties and has received several US LPG shipments. This diversification began earlier and was not launched in the last four months.
The minister stated that consumers have largely been shielded from global crude swings and that supplies remained steady during the Hormuz crisis thanks to varied sourcing. India operates about 1.07 lakh fuel outlets and aims to raise refining capacity to 309.5 million metric tonnes per annum by 2030.
