India Sees Unprecedented Drop in Petrol and Diesel Prices

Union Petroleum and Natural Gas Minister Hardeep Singh Puri announced that India is the only country where petrol and diesel prices have decreased between November 2021 and April 2024. This decline contrasts with rising fuel prices worldwide. The minister credited bold decisions by the Prime Minister and addressed issues on dealer margins.

Union Petroleum and Natural Gas Minister Hardeep Singh Puri announced on Monday that India is the only country witnessing a decline in petrol and diesel prices from November 2021 to April 2024.

During a Rajya Sabha session, the minister highlighted that the government is fostering dialogue between Oil Marketing Companies (OMCs) and dealers to address margin concerns.

Puri pointed out that fuel prices were deregulated during the UPA government and the current administration's policies have resulted in a 13.65% drop in petrol and a 10.97% decrease in diesel prices. He contrasted these figures with rising fuel costs in countries like France and Germany.

The minister attributed India's declining fuel prices to the government's bold decisions. Criticizing the UPA for floating oil bonds, he said the present administration is now repaying substantial sums.

Puri also discussed the issue of dealer margins, which are under negotiation between OMCs and dealers. He stressed that a resolution is being sought, with the last margin adjustment occurring in 2017. Legal disputes regarding this matter are ongoing in the Supreme Court.