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Fuel price cut news: Fuel price cut: Held no discussions with OMCs on petrol & diesel price cut, says Oil Minister Puri


Government-owned oil marketing companies (OMCs) have not been in talks with the Centre on possible fuel price cuts, Oil Minister Hardeep Singh Puri said on Wednesday.

“First of all, all these media reports were not only speculative, but I would also turn around and say, slightly mischievous. I have clarified there has been no discussion with OMCs on any such issues. We are in a very highly turbulent situation. There are two areas on the global map which are in conflict situation,” he said.

Ahead of the General Elections due to be held in 2024, social media was rife with rumours of a cut in petrol & diesel prices. However, Puri said these news reports on cuts in fuel costs are misleading.

Earlier in December, news agency PTI quoted a senior Finance Ministry official on the prospects of a cut in taxes on petrol and diesel. At the time, the official said the prices of Brent Crude had already cooled in the international markets and as such, there was no case for a cut in excise duty on fuel.

“When crude oil prices were high, we cut excise duty. When prices have already cooled, the question of tax cut is not there. You can ask for price cut (of petrol and diesel), but it will not be because of a cut in taxes,” PTI quoted the official as saying.

During the interaction, Puri said that India is currently focused on diversifying its oil sources. Currently, India depends on imports to meet over 85 per cent of its oil needs.Puri said that India will buy Venezuelan oil, adding that Indian refineries are capable of processing the heavy oil from the South African country. Puri said New Delhi is willing to resume oil import with any nation that is not under sanction.”India will buy Venezuelan oil. Many of our refineries including one in Paradip are capable of processing heavy oil from Venezuela. We are willing to resume (oil import) with anyone who is not under sanction,” he had said,

“We are in a situation where we are using crude oil 5 million barrels/ per day. And it is increasing every day. If Venezuela oil comes to market we will welcome it,” he added.

According to graphs released by the Central government, the price of petrol in India declined by 11.82 per cent and that of diesel fell by 8.94 per cent between November 2021 and November 2023.


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