New Delhi: Amidst the Russo-Ukraine war, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri said on tuesday oil companies will determine fuel pricesAs he said there will be no shortage crude oil in country. Puri, however, said the government would take a decision in the best interest of the citizens.
“I assure you all that there will be no shortage of crude oil. We will ensure that our energy requirements are met, even though 85 per cent of our requirements are dependent on crude oil imports and 50-55 per cent on gas ” Puri said at a press conference here.
He refuted the allegation that the fuel prices were reduced by the Center due to the earlier elections and that the rates would be hiked again after the elections.
Puri said the Center had last year reduced petrol by Rs 5 a liter and diesel by Rs 10 a liter, but “youth leaders” said it was done because of assembly elections in five states, the results of which were held on March 10. will be announced. ,
He said people should pay attention to other situations like the Ukraine-Russia crisis to understand why rates were hiked globally.
“Oil prices are determined by global prices and there is a war like situation in one part of the world and oil companies will be the factor. Oil companies themselves will decide the prices. We will take the decision in the best interest of the citizens,” Puri said.
He said that when economic activity came to a halt due to the lockdown imposed to contain the spread of Kovid-19, global oil prices fell significantly.
“But now, due to tensions and military action in Ukraine, it (oil prices) have gone up. Oil companies will take a decision in this regard (to raise prices),” the minister said.
Crude oil prices on Tuesday rose by Rs 37 to Rs 9,321 per barrel as participants widened their positions on firm spot demand.
On the Multi Commodity Exchange, crude for delivery in March was trading higher by Rs 37, or 0.4 per cent, at Rs 9,321 per barrel in 9,660 lots.
“I assure you all that there will be no shortage of crude oil. We will ensure that our energy requirements are met, even though 85 per cent of our requirements are dependent on crude oil imports and 50-55 per cent on gas ” Puri said at a press conference here.
He refuted the allegation that the fuel prices were reduced by the Center due to the earlier elections and that the rates would be hiked again after the elections.
Puri said the Center had last year reduced petrol by Rs 5 a liter and diesel by Rs 10 a liter, but “youth leaders” said it was done because of assembly elections in five states, the results of which were held on March 10. will be announced. ,
He said people should pay attention to other situations like the Ukraine-Russia crisis to understand why rates were hiked globally.
“Oil prices are determined by global prices and there is a war like situation in one part of the world and oil companies will be the factor. Oil companies themselves will decide the prices. We will take the decision in the best interest of the citizens,” Puri said.
He said that when economic activity came to a halt due to the lockdown imposed to contain the spread of Kovid-19, global oil prices fell significantly.
“But now, due to tensions and military action in Ukraine, it (oil prices) have gone up. Oil companies will take a decision in this regard (to raise prices),” the minister said.
Crude oil prices on Tuesday rose by Rs 37 to Rs 9,321 per barrel as participants widened their positions on firm spot demand.
On the Multi Commodity Exchange, crude for delivery in March was trading higher by Rs 37, or 0.4 per cent, at Rs 9,321 per barrel in 9,660 lots.