Petrol and Diesel Prices May Drop as Cheaper Crude Reaches India
Union Petroleum and Natural Gas Minister Hardeep Singh Puri has indicated that retail petrol and diesel prices could see a reduction in the near future. This potential easing depends on the arrival of lower-priced crude oil stocks at Indian refineries, which are currently processing higher-priced inventory.
The Lag Between Crude Costs and Retail Prices
Addressing a press conference in Sonbhadra, Uttar Pradesh, Minister Puri explained that the current retail prices reflect the cost of crude oil previously purchased at higher international rates. He noted that Oil Marketing Companies (OMCs) are currently working through these existing stocks.
"When crude purchased at lower prices reaches them, there is a possibility of a reduction in fuel prices," Puri stated. This clarifies why immediate drops in global crude benchmarks do not instantly translate to cheaper fuel at the pump, as the supply chain requires time to process the new, more economical shipments.
Defending India’s Fuel Pricing Strategy
Amidst rising geopolitical tensions in West Asia and disruptions near the Strait of Hormuz, the Minister defended the government's handling of domestic fuel costs. He argued that India has managed to keep price hikes relatively controlled compared to the rest of the world.
Puri highlighted several key points to support this stance:
- Tax Reductions: The government has absorbed a burden of approximately ₹10 per litre on both petrol and diesel through multiple reductions in central excise duties in November 2021, May 2022, and more recently.
- Global Comparison: The Minister claimed that out of 193 UN member nations, only Japan has experienced a lower increase in petroleum prices than India.
- Controlled Volatility: While fuel prices have risen by roughly ₹7.5 to ₹7.60 per litre since the Middle East crisis escalated, Puri maintained that, in real terms, prices have remained stable compared to the peaks seen during the Russia-Ukraine conflict in 2022.
Pressure on Oil Marketing Companies (OMCs)
Despite the government’s efforts to shield consumers, the financial strain on OMCs is significant. The Minister revealed that oil marketing companies are currently incurring losses of approximately ₹1,000 crore per day.
この財務的圧力は、世界的な原油価格の高騰とルピー安の組み合わせによって引き起こされており、これが輸入コストを押し上げています。業界の専門家は、最近の価格改定が行われたものの、これらの要因が引き続きOMCの利益率を圧迫していると警告しています。
経済成長と地域開発
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動向と地域の進展についても触れました。同氏はウッタル・プラデーシュ州の経済的変革を強調し、同州の州内総生産（GSDP）が2016-17年度の13兆ルピーから、現在は約36兆ルピーへと急増したことを指摘しました。
また、同氏はソンバドラ地区の進展を称賛し、同地区の一人当たり所得が2018年の4万3,000ルピーから現在は約12万ルピーに上昇しており、「後進的な」地区から開発の潜在的なモデルへと変貌を遂げていると述べました。
主なポイント
- 価格低下の可能性: 現在の高価な原油の在庫が底をつき、より安価な石油がインドの製油所に届き次第、小売燃料価格は下落する可能性があります。
- 政府の介入: 中央政府は、世界的な価格変動から消費者を保護するため、物品税の減税を通じて1リットルあたり10ルピーのコストを負担しています。
- OMCへの財務的負担: インドの石油会社は、原油価格の高騰と通貨変動により、1日あたり約100億ルピーの損失に直面しています。