+
No change in petrol & diesel rates unless global crude prices fall
OIL & GAS

No change in petrol & diesel rates unless global crude prices fall

Hardeep Singh Puri, Union Minister for Petroleum and Natural Gas, stated that there will be no immediate reduction in petrol and diesel prices unless global crude oil prices drop below the $70-80 per barrel range. Speaking on the government's broader strategy for the petroleum sector, Puri emphasised that any plans to lower petrol and diesel prices would only be reconsidered in the event of a significant decrease in global crude prices.

Additionally, Puri mentioned an upcoming policy shift aimed at including petrol and diesel under the GST regime. This initiative seeks to standardise fuel prices across states, potentially bringing stability to the retail oil market.

Regarding the fiscal stance on state-owned enterprises, Puri expressed reluctance towards divesting government stakes in state-run oil companies, citing the success of entities like BPCL.

Amidst these fiscal considerations, Puri provided updates on India's energy production endeavours. The Oil and Natural Gas Corporation (ONGC) is set to commence gas production from the KG-DWN-98/2 block in the Krishna-Godavari basin, marking a significant milestone in boosting domestic energy resources. ONGC is also exploring international partnerships through a global tender to enhance technological capabilities in its western offshore operations.

Puri reaffirmed the ministry's target of achieving a 25% ethanol blending rate by 2025, aligning with global environmental objectives and strengthening the sustainability of India?s energy consumption. Discussions with Russia on securing long-term oil supply agreements were also mentioned as part of efforts to stabilise India?s energy imports amid volatile global markets. (Source: ET Energy)

Hardeep Singh Puri, Union Minister for Petroleum and Natural Gas, stated that there will be no immediate reduction in petrol and diesel prices unless global crude oil prices drop below the $70-80 per barrel range. Speaking on the government's broader strategy for the petroleum sector, Puri emphasised that any plans to lower petrol and diesel prices would only be reconsidered in the event of a significant decrease in global crude prices. Additionally, Puri mentioned an upcoming policy shift aimed at including petrol and diesel under the GST regime. This initiative seeks to standardise fuel prices across states, potentially bringing stability to the retail oil market. Regarding the fiscal stance on state-owned enterprises, Puri expressed reluctance towards divesting government stakes in state-run oil companies, citing the success of entities like BPCL. Amidst these fiscal considerations, Puri provided updates on India's energy production endeavours. The Oil and Natural Gas Corporation (ONGC) is set to commence gas production from the KG-DWN-98/2 block in the Krishna-Godavari basin, marking a significant milestone in boosting domestic energy resources. ONGC is also exploring international partnerships through a global tender to enhance technological capabilities in its western offshore operations. Puri reaffirmed the ministry's target of achieving a 25% ethanol blending rate by 2025, aligning with global environmental objectives and strengthening the sustainability of India?s energy consumption. Discussions with Russia on securing long-term oil supply agreements were also mentioned as part of efforts to stabilise India?s energy imports amid volatile global markets. (Source: ET Energy)

Related Stories

Gold Stories

Next Story
Infrastructure Urban

KONE Opens India's First Digital Experience Centre in Pune

KONE, a global elevator and escalator manufacturer, has inaugurated its first Digital Experience Centre (DEC) in India, located in Pune. The facility aims to showcase how artificial intelligence (AI), connectivity and data-driven technologies can enhance customer experiences and improve building operations.The centre was inaugurated by Jussi Herlin, Executive Vice Chair, KONE Corporation; Philippe Delorme, President and CEO, KONE; and Nandan Nilekani, Co-founder and Chairman of the Board, Infosys.Designed as an interactive customer environment, the facility demonstrates digital solutions cover..

Next Story
Infrastructure Urban

CII GreenCo Launches Circularity Guidelines for Indian Industry

The Confederation of Indian Industry (CII) GreenCo Council has launched the CII GreenCo Circularity Guidelines – Pilot Version at the 17th CII GreenCo Waste & Resource Management Summit 2026 in Chennai. The initiative aims to strengthen resource efficiency, waste reduction and circular economy practices across Indian manufacturing and process industries.The guidelines introduce a structured framework with circularity indices covering raw materials, consumables, packaging and other resource inputs. These indicators will help industries assess existing practices, identify opportunities to ..

Next Story
Infrastructure Energy

Global Electronics Association Launches IPC-1783-CO2E Standard

The Global Electronics Association has introduced IPC-1783-CO2E, a new international standard aimed at improving consistency, transparency and comparability in product carbon footprint reporting across the electronics manufacturing industry.The standard, titled International Standard for Data Collection and Reporting of CO2 Equivalent (CO2e) Emissions for the Electronics Manufacturing Supply Chain, provides industry-specific guidance for collecting, estimating and reporting carbon emissions data.With increasing regulatory requirements and customer expectations, electronics manufacturers face c..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code