Union petroleum minister Hardeep Singh Puri on Tuesday said that he was personally in touch with his counterparts in the Gulf nations, Saudi Arabia, and Russia to sort the nationwide crisis over rising fuel prices. Speaking to reporters, Puri said, “I am talking to my counterparts in Saudi Arabia, the Gulf countries, and Russia… we are working at various levels.”
The statement from the Union petroleum minister comes days after he commented that the taxes on petrol and diesel prices funded vaccinations against the coronavirus disease (Covid-19) and provided meals to the poor in the country. Refuting the “simplistic political narrative” that reducing levies will solve the crisis over high fuel prices, Puri had said, “Every time the price goes up due to something else, it [the said narrative] says you axe your own feet in the process.”
As of Tuesday, petrol and diesel prices in India have remained constant for two consecutive days. However, the fuel rates are still at an all-time high with the latest price hike on October 24. Petrol is currently selling at ₹107.59 per litre in the country while diesel is priced at ₹96.32 a litre. In Mumbai, however, diesel has crossed the ₹100-per-litre mark and is currently selling at ₹104.
{{/usCountry}}As of Tuesday, petrol and diesel prices in India have remained constant for two consecutive days. However, the fuel rates are still at an all-time high with the latest price hike on October 24. Petrol is currently selling at ₹107.59 per litre in the country while diesel is priced at ₹96.32 a litre. In Mumbai, however, diesel has crossed the ₹100-per-litre mark and is currently selling at ₹104.
{{/usCountry}}Crude oil prices have also stabilised on Tuesday after remaining at a multi-year high the day prior. Union minister Puri had earlier warned that crude oil prices, if not maintained at sustainable levels, will severely impact the green shoots of global economic recovery.
The oil prices were at a multi-year high as producers restricted supplies even amid an increased demand due to rapid economic recoveries from the Covid-19 pandemic. Other immediate factors included low US inventories and a shortage of coal in major economies such as China and India.
Benchmark Brent crude, which soared to a three-year high at $86.1 a barrel during the trading session last week, continued to remain firm, hovering above $85.99 on Tuesday.