Fuel Price Cut: Global situation, red sea dynamics will influence decision, says Petroleum Minister [Video]

The Petroleum Ministry is not getting drawn into whether or not there will be a cut in the prices of petrol and diesel. According to the ministry, the global situation, particularly that prevailing in the Red Sea still needs a careful watch.

“I am not going to say that there won’t be or there is or there can’t be. Tomorrow if the Red Sea attack takes place, then the fourth quarter may wipe out whatever you have in the first three,” Petroleum Minister Hardeep Singh Puri said while responding to a CNBC-TV18 query.

Oil marketing companies have suffered losses worth over ₹30,000 crore due to a freeze in fuel prices since April 2022 and due to continued under recoveries on diesel.

“The most important part in this is that it has to be very coolly thought through. When the OMCs lost ₹30,000 crore, we still have not compensated them,” the minister said, …