Hardeep Singh Puri, who is returning as the Union Minister for Petroleum and Natural Gas in the Narendra Modi cabinet, said the government is not looking to cut petrol and diesel prices. However, the minister has clarified that if global crude oil prices drop below $70-80/bbl then the proposal can be looked at.
The
global oil prices inched higher following its biggest jump since March ahead of the OPEC report. The OPEC report will be followed by a Short-Term Energy Outlook from the US on Tuesday, and a monthly release from the International Energy Agency on Wednesday.
On Tuesday, Brent climbed toward $82 a barrel while the West Texas Intermediate rose to trade above $77.
Earlier in March, the ministry had emphasised the
dependence of prices in the Indian market on the global situation. "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 in response to a CNBC-TV18 query.
