New Delhi: Union Petroleum and Natural Gas Minister Hardeep Singh Puri has assured consumers that there will be no sudden increase in petrol prices despite ongoing volatility in global energy markets. Addressing concerns linked to geopolitical tensions and fluctuations in crude oil prices, the minister stated that India has managed to maintain fuel price stability over the last four years while ensuring uninterrupted energy supplies.
According to Financial Express, Puri explained that India is now in a stronger position due to efforts aimed at diversifying energy sourcing and strengthening domestic supply systems. He noted that the country has sufficient reserves of crude oil, liquefied natural gas (LNG), and LPG to manage current market uncertainties without creating panic among consumers.
The minister highlighted that India has expanded its crude oil sourcing network from 27 countries to 41 countries in recent years. He also said that domestic LPG production has increased significantly, helping reduce the country’s dependence on imports. Puri added that India’s public sector oil companies have also signed long-term LPG import agreements with the United States to ensure stable and affordable supplies.
During his remarks, Puri stated that many countries faced severe fuel shortages and sharp price increases due to disruptions around the Strait of Hormuz, but India succeeded in shielding consumers from similar shocks. He emphasized that the government absorbed much of the pressure at the fiscal level instead of transferring the burden directly to consumers.
The Financial Express reported that the government’s strategy focuses on maintaining energy security while balancing affordability for consumers and financial sustainability for oil marketing companies. Puri also noted that despite global uncertainty, India’s fuel and LPG supply situation remains stable and there is no immediate risk of shortage or sudden price escalation.
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