Hardeep Singh Puri credits excise cuts for India's steady fuel
Gasoline and diesel prices in India have stayed mostly steady, even though global oil markets have been pretty unpredictable.
Union Minister for Petroleum and Natural Gas Hardeep Singh Puri explained that this is thanks to the government cutting central excise duties back in late 2021 and mid-2022, which meant taking on about ₹10 extra cost per liter so consumers wouldn't feel the pinch.
Puri: oil firms losing ₹1,000cr daily
Puri pointed out that out of 193 U.N. countries, only Japan has seen a smaller jump in fuel prices than India.
He also shared that oil companies are currently losing around ₹1,000 crore every day because of global tensions near the Strait of Hormuz, but reassured everyone these losses aren't being pushed onto buyers.
Looking ahead, he hinted fuel prices could drop further as companies start refining cheaper crude oil, and reminded us that today's rates are still lower than during the peak of the Russia-Ukraine crisis.