Union Minister for Petroleum and Natural Gas clarifies no rise in petrol or diesel prices

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Delhi: Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri clarified that there shall be no rise in petrol or diesel prices following the hike in excise duty.

Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri said, “You would have seen a notification from the Ministry of Finance saying that the excise rates are going up by Rs 2 on petrol and diesel.”

He further said that, “Let me clarify upfront on the record, this will not be passed on to the consumer…The international price of crude came down to around $60 a barrel, but please remember that our oil marketing companies carry inventories over a 45-day period.”

He further added, “If you go back to January, the crude price then was $83, which came down subsequently to $75. So the crude inventory that they’re carrying is at $75 on average per barrel. You can legitimately expect prices of petrol and diesel to be moderated by the oil marketing companies in keeping with the global price. In a deregulated sector, you can expect them to accordingly adjust the market retail price.”

Read The X Post Of The Ministry of Petroleum and Natural Gas Here:

Also Read: Center increases excise duty by Rs. 2 each on diesel and petrol, to be effective from tomorrow

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