Petrol and Diesel Prices May Drop as Cheaper Crude Reaches India
Union Petroleum and Natural Gas Minister Hardeep Singh Puri has signaled potential relief for Indian consumers, suggesting that retail petrol and diesel prices could ease soon. The possibility of a price reduction hinges on the arrival of cheaper crude oil stocks currently being processed by Indian refiners.
The Lag Between Crude Costs and Retail Prices
Addressing a press conference in Sonbhadra, Uttar Pradesh, Minister Hardeep Singh Puri clarified that while international crude rates have softened, the benefits are not immediate. Currently, Oil Marketing Companies (OMCs) are processing inventories of crude oil purchased at higher historical prices.
"When crude purchased at lower prices reaches them, there is a possibility of a reduction in fuel prices," Puri stated. This explains the current gap between cooling global oil markets and the domestic pump prices that have recently seen upward pressure due to geopolitical tensions in West Asia.
Defending Domestic Fuel Price Stability
Amid rising concerns regarding inflation and transport costs, the Minister defended the government's management of fuel pricing. He noted that despite extreme volatility in global energy markets—specifically disruptions around the Strait of Hormuz—India has maintained relative stability.
Puri highlighted several key factors to justify the current pricing structure:
- Excise Duty Absorbtion: The government has absorbed a burden of approximately ₹10 per litre on both petrol and diesel through multiple duty cuts in November 2021, May 2022, and more recently.
- Global Comparison: Puri claimed that out of 193 UN member nations, only Japan has seen a lower increase in petroleum prices than India.
- Controlled Increases: He argued that the overall rise in fuel prices has been limited to roughly ₹7.60 per litre, asserting that when compared to the volatility of the 2022 Russia-Ukraine conflict, prices have effectively remained stable in real terms.
Pressure on Oil Marketing Companies (OMCs)
While the government aims to shield consumers, the financial burden on OMCs remains significant. The Minister revealed that oil marketing companies are currently facing losses of approximately ₹1,000 crore per day.
Les experts du secteur ont noté que la combinaison de prix élevés du brut et d'un affaiblissement de la roupie continue de compresser les marges des OMC. La récente hausse de près de 7,5 ₹ par litre des coûts du carburant depuis le début de la crise au Moyen-Orient souligne la lutte constante pour équilibrer l'accessibilité pour les consommateurs et la santé financière des compagnies pétrolières d'État.
Croissance économique et développement régional
Au-delà de l'énergie, le Ministre a profité de cette visite pour mettre en avant la trajectoire économique globale de l'Inde et le développement de l'Uttar Pradesh. Il a souligné que le Produit Intérieur Brut de l'État (PIB de l'État) de l'Uttar Pradesh est passé de 13 lakh crore ₹ en 2016-17 à près de 36 lakh crore ₹. De plus, il a salué la transformation de Sonbhadra, notant que son revenu par habitant est passé de 43 000 ₹ en 2018 à environ 1,2 lakh ₹ aujourd'hui.
Points clés
- Allègement potentiel des prix : Les prix de détail de l'essence et du diesel pourraient baisser une fois que les stocks actuels de brut coûteux seront remplacés par des importations moins chères.
- Soutien gouvernemental : Le gouvernement central a absorbé près de 10 ₹ par litre de coûts grâce à des réductions de droits d'accise afin de protéger les consommateurs de la volatilité mondiale.
- Pression financière sur les OMC : Les sociétés de marketing pétrolier (OMC) font actuellement face à des pertes quotidiennes importantes d'environ 1 000 crore ₹ en raison des pressions du marché.