Petrol and Diesel Prices May Drop as Cheaper Crude Reaches India

Union Petroleum and Natural Gas Minister Hardeep Singh Puri has signaled a potential relief for Indian consumers, suggesting that retail fuel prices could ease soon. This possibility arises as cheaper crude oil recently purchased by Indian refiners begins to enter the supply chain.

The Lag Effect: Why Prices Haven't Dropped Yet

While international crude rates have softened, Minister Puri explained that there is a natural time lag before these benefits reach the petrol pump. Currently, Oil Marketing Companies (OMCs) are still processing inventories of crude oil that were purchased at much higher global prices.

"At present, companies have stocks of crude oil bought at higher prices. When crude purchased at lower prices reaches them, there is a possibility of a reduction in fuel prices," Puri stated during a press conference in Sonbhadra, Uttar Pradesh. This indicates that while the global market shows signs of cooling, the domestic retail price adjustment is contingent on the exhaustion of expensive existing stocks.

Defending Domestic Pricing Amid Global Volatility

Addressing concerns regarding recent price hikes, the Minister defended the government's pricing strategy. He noted that despite significant geopolitical tensions—particularly around the Strait of Hormuz and the Middle East crisis—India has managed to keep fuel price increases relatively contained.

Puri highlighted that the government has actively intervened to shield consumers by reducing central excise duties in November 2021, May 2022, and more recently. These moves have effectively absorbed a burden of approximately ₹10 per litre on both petrol and diesel. He further asserted that, in real terms, the overall rise in fuel prices has been limited to about ₹7.60, and compared to the peak volatility during the Russia-Ukraine conflict in 2022, prices have remained remarkably stable.

Financial Pressure on Oil Marketing Companies

Despite the efforts to protect consumers, the energy sector is facing significant financial strain. The Minister revealed that OMCs are currently incurring losses of approximately ₹1,000 crore per day. This financial pressure is a result of the mismatch between high import costs and the need to maintain stable retail prices for the public.

業界の専門家は、原油価格の高騰とルピー安の組み合わせがOMCの利益率を圧迫し続けており、セクターの財政健全性を維持するためには安価な原油の流入が不可欠であると指摘しています。

地域経済の成長と国家の野心

エネルギー分野にとどまらず、大臣はインドのより広範な経済の軌跡についても触れました。インドが世界第3位の経済大国に向けて着実に前進していると述べ、地域的な進展を強調する中で、ソンバドラの変貌を例に挙げました。同地域の1人当たり所得は、2018年の43,000ルピーから現在は約12万ルピーへと急増しています。また、ウッタル・プラデーシュ州の著しい経済的飛躍についても言及し、州のGSDP（州域内総生産）が2016-17年度の13兆ルピーから、現在は約36兆ルピーにまで上昇したことを明らかにしました。

主な要点

• 値下げの可能性: 現在の割高な原油の在庫が底をつき、より安価な原油が製油所に届き次第、ガソリンとディーゼルの小売価格が下落する可能性があります。
• 政府による補助: 政府は、世界的な価格変動から消費者を守るため、物品税の減税を通じて1リットルあたり約10ルピーのコストを吸収しています。
• OMCの財務負担: 石油販売会社（OMC）は、調達コストと小売価格の差により、1日あたり約1,000億ルピーの損失に直面しています。