Lagatar24 Desk
New Delhi: Union Petroleum and Natural Gas Minister Hardeep Singh Puri has signalled that petrol and diesel prices may rise in the future, while assuring that India currently has adequate stocks of crude oil, LNG, and LPG and faces no immediate supply problem.
No Price Hike in Four Years, But Future Uncertain
Speaking at the CII Annual Business Summit 2026, Puri stated that petrol and diesel prices have not been increased in the past four years. However, he clearly indicated that prices may not remain stable going forward, saying he was not claiming that prices would never rise. He denied any link between the recent assembly elections and the government’s decision to hold prices steady.
Oil Companies Losing Rs 1,000 Crore Daily
The minister disclosed that oil companies are currently incurring losses of Rs 1,000 crore every day, with their total under-recovery reaching Rs 1,98,000 crore. He added that the companies’ losses this quarter alone have crossed Rs 1 lakh crore, underlining the severe financial pressure on the sector.
West Asia Crisis Turned Into Opportunity
On the West Asia crisis, Puri said that while there were initial concerns, the government turned the challenge into an opportunity by boosting domestic LPG production from 36,000 metric tonnes per day to 54,000 metric tonnes per day. He noted that uncertainty remains over how long the blockade at the Strait of Hormuz will continue, acknowledging serious challenges in terms of availability and supply.
India Better Off Than Many Countries
Puri pointed out that fuel prices in many countries around the world have risen by 50 to 60 percent, while India has managed to avoid such steep increases. He said he reviews the situation daily with the CMDs of oil sector companies and urged against panic, emphasising that the situation is being managed proactively.
