Oil Minister Hardeep Singh Puri on Wednesday responded to expectations of a reduction in petrol and diesel prices in view of softening international oil rates, by saying that global market is in a “highly turbulent” situation and it has to stabilise before any cut. Three state-owned fuel retailers — Indian Oil Corporation Ltd (IOCL), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) — which control roughly 90 per cent of the market, have kept petrol and diesel prices on freeze for a record 21 month in a row.This is despite the raw material (crude oil) cost surging last year, leading to heavy losses in the first half of 2022-23 fiscal year before easing rates propelled them to profitability in the last three quarters. “There has been no discussion with the oil marketing companies on any such issue,” Puri told reporters when asked if the government has held discussions with the three firms on a reduction in fuel prices.The oil companies, he said, make their own decisions of fuel pricing.
Oil Minister Hardeep Singh Puri on Wednesday responded to expectations of a reduction in petrol and diesel prices in view of softening international oil rates, by saying that global market is in a “highly turbulent” situation and it has to stabilise before any cut. Three state-owned fuel retailers — Indian Oil Corporation Ltd (IOCL), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) — which control roughly 90 per cent of the market, have kept petrol and diesel prices on freeze for a record 21 month in a row.This is despite the raw material (crude oil) cost surging last year, leading to heavy losses in the first half of 2022-23 fiscal year before easing rates propelled them to profitability in the last three quarters. “There has been no discussion with the oil marketing companies on any such issue,” Puri told reporters when asked if the government has held discussions with the three firms on a reduction in fuel prices.The oil companies, he said, make their own decisions of fuel pricing.