Will Petrol and Diesel Prices Come Down? Here's What Hardeep Singh Puri Said
Puri said state-run fuel retailers are still selling oil bought months ago at higher costs, with under-recoveries at Rs 1.89 lakh crore, he said.
- On Thursday, Union Petroleum and Natural Gas Minister Hardeep Singh Puri said retail petrol and diesel prices will not increase immediately, citing government fiscal measures that absorbed higher global crude costs.
- Fiscal measures absorbed elevated global crude prices between 2022 and 2026, keeping retail increases limited to 5.58 per cent for petrol and 6.23 per cent for diesel, Puri explained.
- Public sector Oil Marketing Companies faced significant under-recoveries during April-June quarter of FY2026, totaling ₹19,905 crore on petrol, ₹1.44 lakh crore on diesel, and ₹24,148 crore on LPG.
- The minister said the government will review the situation every 10 to 15 days if crude remains near $70 per barrel, assessing whether retail price adjustments are warranted.
- India maintained energy security by diversifying import sources and holding 76 to 80 days of crude, diesel, and natural gas supplies, while targeting emergence as a major refining hub by 2030.
26 Articles
26 Articles
Why petrol, diesel prices haven't fallen yet? Hardeep Puri explains outlook for fuel prices
Union Oil and Petroleum and Natural Gas Minister Hardeep Puri on Thursday said petrol and diesel prices could be reduced if international crude oil prices remain low for the next few weeks. Responding to a question on a possible fuel price cut, Puri said it would become a legitimate issue if global oil prices continue to stay low over a sustained period. His remarks came as crude oil prices fell below $71 per barrel after Qatar said Iran and the…
Oil Minister rules out cut in petrol, diesel prices until global crude stays low for a few weeks
Emphasising that price hikes in petrol and diesel were among the lowest in India during the current West Asian conflict, Oil Minister Hardeep Singh Puri said on Thursday that a cut in the retail prices of the two auto fuels would be possible if international crude oil prices currently stay in the same level for the next few weeks
Hardeep Singh Puri said that even at the height of the crisis, India had 60 days of crude oil and natural gas reserves and 45 days of LPG reserves. He said that more than 30 ships were unable to transit the Strait of Hormuz due to the blockade.
Oil Firms Lost Nearly Rs 75,000 Cr on Fuel Sales Between Apr-June Amid West Asia Crisis: Hardeep Puri
Get latest articles and stories on Business at LatestLY. State-owned oil marketing companies' (OMCs) suffered a total loss of Rs 74,781 crore for selling petrol, diesel, and liquefied petroleum gas (LPG) below cost in the period April-June 2026. Business News | Oil Firms Lost Nearly Rs 75,000 Cr on Fuel Sales Between Apr-June Amid West Asia Crisis: Hardeep Puri.
Will Petrol and Diesel Prices Come Down? Here's What Hardeep Singh Puri Said
Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Thursday said that there would be no increase in retail fuel prices, asserting that the government's fiscal measures have absorbed the impact of higher global crude oil prices. Addressing questions on when petrol and diesel prices could be reduced further, Puri explained that retail fuel prices do not immediately reflect changes in international crude prices because of the time taken…
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