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Good news ahead? Petrol, Diesel & LPG price cut coming soon?
Amid rising geopolitical tension and the sanction on various Oil Producing Companies (OPCs), India has diversified its petroleum import basket and is procuring crude from countries located at various geographical locations. The move will not only ensure security of crude supplies but also mitigate the risk of dependence on crude oil from single region.
Is the Modi government considering a proposal to reduce the prices of petroleum products? This question has gained significance after a Lok Sabha MP raised concerns about the continuous rise in petroleum prices across the country. The MP sought details on the reasons behind the price surge and the measures being taken to stabilize fuel costs.
He also asked about any new initiatives to curb the rising prices of petrol and diesel, especially in light of global sanctions imposed on several oil-producing companies (OPCs). Additionally, the MP inquired whether any high-level review has been conducted on the fluctuations in prices of petrol, diesel, crude oil, and domestic LPG .Responding to this, Suresh Gopi, Minister of State (MoS), Ministry of Petroleum and Natural Gas said that the prices of petrol and diesel are market determined and Public Sector Oil Marketing Companies (OMCs) take appropriate decision on pricing of petrol and diesel.
He added that the government took several steps to insulate common citizens from high international prices, which included diversifying the crude import basket, invoking the provisions of Universal Service Obligation to ensure availability of petrol & diesel in domestic market, increasing the blending of ethanol in petrol, etc.
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