New Delhi, Feb 22 Union Petroleum Minister Hardeep Singh Puri said that petroleum prices in India are the lowest in the world.
Addressing a press conference in Vijayawada, Andhra Pradesh, he said that fuel prices in the country have come down in real terms in the last few years.
Speaking on global oil supply, Puri said that now more oil is coming from countries like the US, Brazil, Guyana, Suriname and Canada.
The Union Minister further said that there is no shortage of crude oil and at present India is getting supplies from 40 countries. Earlier their number was 27. If more countries want to join it, we will welcome them. This will help in keeping oil prices low.
The Union Minister said, “Petroleum prices have come down in the last three years.”
He further said that petrol prices have come down by -0.67 percent. However, diesel prices have increased by 1.15 percent.
Puri clarified that the government has not got any financial benefit from the fall in the price of petroleum. Rather, the government has given relief of Rs 22,000 crore to the oil companies.
Highlighting the economic progress made during the tenure of Prime Minister Narendra Modi, Puri said that in 2014, India was the 10th largest economy as well as among the five weakest economies. At that time the country was more dependent on foreign investment for development.
Puri further said that the Indian economy has improved a lot during PM Modi’s tenure and the country has become the fourth largest economy in the world. Soon India will become a $ 4 trillion economy.
The Fitch Ratings report said that the demand for petroleum products in India may increase by three to four percent in the current financial year.
The report said that the refinery margins of Indian oil marketing companies may fall in FY25. This is because of excess supply and the benefits of fluctuations in crude oil are diminishing.
