Union Petroleum and Natural Gas Minister Hardeep Singh Puri answered the questions asked on the prices of petrol and diesel. He said that during the Hormuz crisis, fuel prices had increased significantly in many countries, but India did not pass the burden on the common consumers. Puri said that during that period the prices of petrol and diesel had increased by more than 20 percent in developed countries. At the same time, in neighboring countries like Pakistan, Sri Lanka, Nepal and Bangladesh, prices had increased by an average of 35 percent. In contrast, prices in India rose only 5 percent.
The minister said that people are now asking when the prices of petrol and diesel will come down, as the international situation has normalized and crude oil prices have come down. He explained that prices in India had not increased as rapidly as in other countries, so it is not right to expect a big cut in prices now. He also argued that crude oil prices have fallen from $128 to about $70 per barrel, so petrol and diesel should be cheaper; He said that such comparison does not reveal the entire situation.
**Time taken to see the impact of reduction in crude oil prices**
Hardeep Singh Puri clarified that the effect of reduction in crude oil prices in the international market is not immediately visible in the Indian market. The entire process of purchasing, transportation, refining and distribution of oil takes time. As a result, the benefits of lower prices globally may take some time to reach consumers.
He said that if crude oil prices remain stable and low in the international market for the next two-three months, then the possibility of getting relief in prices can be considered. However, it would be too early to say anything definite about this, because right now this discussion is based only on possibilities.
