Petrol-Diesel Prices: Petroleum Minister Hardeep Singh Issues Statement Regarding Oil Prices Ahead of Elections

Petrol-Diesel Prices: Since May of last year, petrol and diesel prices have remained unchanged. In such a situation, when crude oil prices have fallen and the Lok Sabha elections are approaching, there is hope that the lower oil prices will provide relief. However, the Petroleum Ministry clarified that the government has received no proposal from oil marketing companies to reduce petrol and diesel prices. Petroleum Minister Hardeep Singh Puri stated that the main focus should be making oil affordable and available.  

When Will Oil Prices Reduce?

According to Hardeep Singh’s statement, meeting the needs of the country comes first and the government is closely monitoring the Red Sea issue. He added that decisions about blending and ethanol feedstock projects will be made shortly. The government is dedicated to seeing the 20% blending goal by 2025 and to the ethanol blending program. In the meantime, three quarters have seen profits for the oil companies, and they have under-recovered 30 thousand crores of rupees.