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Decision on fuel prices to be based on public interest: Oil Minister Hardeep Singh Puri

By Priyanka Verma 
Updated Date

New Delhi: Amid speculations on petrol and diesel prices likely to witness a steep hike owing to sky rocketing crude prices, Petroleum minister Hardeep Singh Puri on Tuesday, March 8, said that government will take a decision keeping in mind the interest of citizens.

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“Oil prices are determined by global prices. There is a war-like situation in one part of the country. The oil companies will factor that in. We will take decisions in the best interest of our citizens,” he said in a press conference.

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He also said that fuel prices were not controlled because assembly elections were taking place in politically crucial states like Uttar Pradesh, Punjab, Uttarakhand and Goa.

“To say that the government had controlled oil prices due to elections is not correct…We will make sure that our energy requirements are met,” Mr Puri further said.

Global crude oil prices continued to rise on Tuesday as Brent crude touched $126 per barrel amid the ongoing Russia-Ukraine war.

Petrol and diesel prices have been kept in abeyance since the past four months. Government had cut down excise duty on petrol and diesel by ₹ 5 and ₹ 10 respectively on November 4, 2021, after which prices across the country had come down significantly.

However despite rising crude oil prices owing to the conflict between Russia and Ukraine, fuel prices in the country have till now remained unchanged.

Assembly elections in four states including Uttar Pradesh and Punjab have recently concluded and the results are to be declared on March 10, therefore there are speculations that fuel prices may rise soon after.

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