‘No discussion on fuel price cuts’: Amid Red Sea attacks, Hardeep Singh Puri says rates won’t be affected unless...

Union petroleum minister Hardeep Singh Puri on Wednesday said that there was no discussion with oil companies on the issue of fuel prices, as reported by Business Today. 

According to the report, Puri said there's no proposal to cut fuel prices. He rubbished several media reports on "cut in the prices of petrol, diesel" as “speculative”, it added.

Following the report on Puri's remark, stock prices of oil marketing companies increased sharply with Hindustan Petroleum Corporation Ltd (HPCL) rising over 3%, BPCL and IOCL gaining 1.6% and 2%, respectively, it 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,” Puri was quoted as saying in the report.

Speaking about gas prices and supply amid the attacks on merchant ships in the Red Sea, Puri said, “I see overall price also not going up." He said the gas prices would be affected if crude supply is impacted.

He said, "If there's a major disruption in supply route... 6 to 8 to 12 percent barrels transit through this route (Red Sea)… keep your fingers crossed." 

Puri said that India has diversified its sources of supply of crude oil. "Our primary responsibility is to ensure that there's availability and affordability. And that availability does not come at a slightly enhanced price...," he said in a press conference on Wednesday.

"The price of crude has gone up to 80+, but they have now come down...but in a highly volatile situation, our primary responsibility is to ensure availability and affordability...," he said.

He added that India is the only country in the world where fuel prices were cut. "...if you think that prices will rise in future, then pray to God that there's no turbulence and things are normal," he added.

Puri said in South Asian countries, the prices of petrol and diesel increased by around 40-80 percent. "...but here (India) prices have come down. We are able to do it because of far-sighted and visionary leadership. The central excise duty reduction was done on two occasions, November 2021, and May 2022 and we carried that into 2023," Puri added.