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Petroleum and Natural Gas Minister Hardeep Singh Puri said that despite the steep fall in crude oil prices, Indian oil companies are not going to cut the retail prices of petrol and diesel much. Companies need more time to recover their losses. In fact, Puri responded to a question from journalists in which he was asked whether the retail price of fuel could come down in view of the fall in crude oil prices in the last one week.
Even in developed countries there has been an increase of up to 40 percent: Hardeep Singh Puri
Hardeep Singh Puri said that even in developed countries, fuel prices have seen a wild increase of about 40% from July 21 to August 22 but in India it has come down by 2.12 per cent. However, the company can continue to increase the price to make up for the loss.
LPG prices did not increase much in India
Union Petroleum and Natural Gas Minister Hardeep Singh Puri said that Saudi CP price (our import benchmark) has increased by about 303% in the last two years. During the same period, the price of cooking gas in India increased by less than a tenth of that figure (28 per cent).
The prices of petroleum products have increased more in other countries
Puri said that during July 21 to August 22, the gas prices of all major international trading centers have seen a sharp increase. Henry Hub in the USA saw an increase of 140%. JKM markers have increased by 257 per cent, UK NBP by 281 per cent and CNG and PNG prices in India by only 71%.