Union petroleum minister Hardeep Singh Puri on Wednesday termed the reports of proposed petrol and diesel prices cut as ‘speculative’ and ‘mischievous’.
Some media reports had claimed that the Centre is planning to reduce petrol and diesel prices, ahead of the Lok Sabha polls.
What Ministry Says About Petrol Prices
Union Ministry Says “All these media reports are not only speculative, but I would turn around and say they are slightly mischievous. I have already clarified that there has been no such discussion with oil marketing companies on any such issue,”
‘We Are In Turbulent Situation’ -Puri
“We are in a turbulent situation. There are conflict situations in two particular areas on the globe,” Puri said, while also citing challenges to shipping in Red Sea, which contributes to 12 percent of global shipping traffic.
“4-8 per cent of LNG cargo went through this route in 2023. And 8.2 million barrels per day of crude oil comes through this route. If god forbids there is a challenge, you can see the impact it will have,” the minister added.
Oli Prices Climbed This Week
Oil prices had climbed around $2 earlier in the week following attacks on vessels in the Red Sea by Houthi rebels. On Tuesday they fired two anti-ship ballistic missiles into the Southern Red Sea, though no damage was reported.
The central excise duty cut was done on two occasions, November 2021 and May 2022 and we implemented it in 2023,