Petroleum Minister Hardeep Singh on fuel prices: Will the price of petrol fluctuate in the future?
Petroleum Prices in India: The price of fuel in India has been stagnant since April 2022. In a press conference, the Petroleum Minister of India Hardeep Singh spoke about the reasons and consequences of the same.
Hardeep Singh on fuel prices
Throwing light on the procedure detrimental to deciding the prices of fuel in the country, the Petroleum Minister made it clear that there are no discussions between the government oil companies about any fluctuation in fuel prices.
Aludding to the Israel-Hamas conflict and the Russia-Ukraine war, the two major global conflicts at present leading to ‘challenges in shipping.’ He said ‘in a highly turbulent situation’ like this all efforts are being made to ensure the availability of fuel at affordable prices.
How are the petrol & diesel prices decided?
The oil marketing companies in India are responsible for managing and revising the oil prices daily. The retail price of petrol is decided by the government and updated every first Wednesday of the month.
