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Updated January 3rd, 2024 at 14:53 IST

Petrol, diesel price cut on cards? Hardeep Singh Puri breaks silence

For the unversed, Petrol and diesel prices have been on a freeze since April 6 last year. Petrol costs Rs 96.72 a litre in the national capital and diesel comes

Reported by: Digital Desk
Petrol, diesel price cut on cards?
Petrol, diesel price cut on cards? | Image:Unsplash
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New Delhi: Rejecting earlier reports suggesting that the central government was considering a reduction in the prices of petrol and diesel, Union Minister Hardeep Singh Puri clarified that such a move is not on the cards as of now. The minister underlined that fuel prices will not witness any cut due to the prevailing high volatility in crude oil markets.

Earlier last week, it was reported that the Narendra Modi-led government was contemplating on massive cuts of approximately Rs 8 per litre in the retail prices of petrol and diesel. 

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For the unversed, Petrol and diesel prices have been on a freeze since April 6 last year. Petrol costs Rs 96.72 a litre in the national capital and diesel comes for Rs 89.62 per litre. 

On May 22, 2022, the central government slashed excise duty on petrol and diesel, reducing it by Rs 8 and Rs 6 per litre, respectively. This strategic move aimed to mitigate inflation, as both petrol and diesel significantly contribute to the Wholesale Price Index (WPI), holding respective weights of 1.60 per cent and 3.10 per cent in the overall WPI calculation.

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Last month, it was reported that state-owned fuel marketing companies may revert to daily revision in prices of petrol and diesel. Three state-owned fuel retailers -- Indian Oil Corporation Ltd (IOCL), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) -- made bumper profits in April-September -- first half of the current fiscal -- but considering the low earnings of last year, they are yet to recoup all losses. 

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Published January 3rd, 2024 at 14:53 IST

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