No shortage of crude oil in the country: Hardeep Sigh Puri

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said oil companies will fix the fuel prices. He said that in the wake of Russi-Ukraine war, there is no scarcity of crude oil in the country. Puri, however, said the government will take decisions in the best interest of citizens.

”I assure you all that there will be no shortage of crude oil. We will make sure that our energy requirements are met, even though 85 per cent of our requirements are dependent on imports for crude oil and 50-55 per cent on gas,” Puri said at a press conference here.

He refuted the allegation that the fuel prices were reduced by the Centre earlier due to elections and the rates will be hiked again after the polls.

He said people should take note of other conditions such as the Ukraine-Russia crisis to understand why the rates were hiked globally.

”Oil prices are determined by global prices and there is a war-like situation in one part of the world and the oil companies will factor that in. The oil companies will themselves determine the prices. We will take decisions in the best interest of the citizens,” Puri said.

He said when economic activities came to a halt due to the lockdowns clamped to curb the spread of Covid-19, the global oil prices fell significantly.

”But now, because of tension and the military action in Ukraine, it (the oil prices) has gone up. The oil companies will take a decision in this regard (to increase prices),” the minister said.

Crude oil prices rose by Rs 37 to Rs 9,321 per barrel on Tuesday as participants widened their positions on a firm spot demand. On the Multi Commodity Exchange, crude oil for March delivery traded higher by Rs 37 or 0.4 per cent at Rs 9,321 per barrel in 9,660 lots.

Source: The Free Press Journal