Petrol and Diesel Prices May Fall 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 relief hinges on the arrival of lower-priced crude oil stocks at Indian refineries, which are currently processing more expensive inventory.

The Lag Between Crude Costs and Retail Prices

Addressing a press conference in Sonbhadra, Uttar Pradesh, Minister Puri clarified why retail prices have not immediately dropped despite softening international crude rates. He explained that Oil Marketing Companies (OMCs) are currently working through existing stocks of crude purchased at higher price points.

"When crude purchased at lower prices reaches them, there is a possibility of a reduction in fuel prices," Puri stated. This indicates a time lag between global market shifts and the actual impact on the consumer's petrol pump bill, as refineries must first exhaust higher-cost inventory before the benefits of cheaper imports can be passed down.

Defending Fuel Pricing Amid Global Volatility

The Minister defended the government's handling of domestic fuel prices, noting that India has remained remarkably stable despite geopolitical tensions in West Asia and disruptions near the Strait of Hormuz. Puri argued that while global markets have seen sharp volatility, the real increase in fuel prices in India has been limited to approximately ₹7.60 per litre.

To shield consumers, the Narendra Modi government has implemented several strategic moves:

  • Excise Duty Reductions: The government reduced central excise duties in November 2021, May 2022, and more recently, absorbing a burden of roughly ₹10 per litre on both petrol and diesel.
  • Global Comparison: Puri noted that out of 193 UN member countries, only Japan has seen a lower increase in petroleum prices than India.
  • Protecting Consumers: Despite OMCs facing daily losses of approximately ₹1,000 crore, the government has worked to prevent the full brunt of rising crude costs from being passed to the public.

価格低下の見通しは希望を与えるものである一方、業界は依然として大きな逆風に直面しています。原油価格の高騰とルピー安が、OMC（石油販売会社）の利益率に持続的な圧力をかけています。中東における最近の地政学的緊張により、ガソリンとディーゼル価格はすでに1リットルあたり約7.5ルピー上昇しており、インフレ、物流コスト、および家計への懸念を増大させています。

エネルギー分野以外では、大臣はインドのより広範な経済の軌道を強調し、同国が世界第3位の経済大国に向けて着実に進んでいると述べました。また、大臣は地域の開発の成功例として、ソンバドラの1人当たり所得が2018年の43,000ルピーから現在は約12万ルピーに上昇したことを挙げ、これが経済拡大の広範な傾向を反映していると述べました。

主なポイント

  • 価格低下の可能性: 製油所が高コストの原油の処理を完了し、より安価な新しい輸入原油へと移行すれば、小売燃料価格は緩和される可能性があります。
  • 政府の介入: 中央政府は、世界的な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ルピーのコストを吸収しています。
  • OMCの財務的負担: 価格安定への取り組みにもかかわらず、石油販売会社は現在、1日あたり約100億ルピーという多額の営業損失に直面しています。