Petrol, diesel prices may ease; No cap on private fuel sales: Petroleum Minister

Petroleum Minister Hardeep Singh Puri said fuel prices may come down as Brent crude falls to $95, while the Petroleum Secretary said there is no cap on fuel sales by private players. 2 Min Read Petroleum and Natural Gas Minister Hardeep Singh Puri said on Thursday, October 1, the Centre has reduced excise duty on petrol and diesel on three occasions, in November 2021, May 2022 and March 10, 2026. He said the government’s most recent reduction involved a cut of ₹10 per litre each on petrol and diesel. Puri said the government was “pretty badly scared” because of the revenue write-off following the duty cuts, but added that sustained energy supplies were needed to cushion consumers against the worst effects of price volatility.

“I think we've been able to do it so far,” he said. CBG production to rise significantly Puri said the government has, for the first time, guaranteed offtake for compressed biogas (CBG) under the GOBARDHAN scheme. With 217 CBG plants currently operational and another 357 under construction, production is expected to rise significantly, he said.

Puri said the GOBARDHAN scheme has been designed to ensure a 10-fold increase in domestic CBG production. He also stressed the need for a system that enables scientific waste processing while removing legacy dump sites. “Need to improve waste processing,” Puri said, noting that waste processing levels stood at around 76-78% until a few years ago.

Fuel prices could ease as crude falls On claims of a cap on fuel sales by private players, Puri said, “I choose to exercise prudence.” He said Brent crude prices had fallen to $95 a barrel and that supplies were available. “Prices will hopefully come down,” Puri said. The Petroleum Secretary, meanwhile, said there was no restriction on sales by private players.

“Nobody is allowed to put a cap on sales, in the past too letters have been issued,” the Secretary said. On LPG, Puri said the fuel carries a subsidy and that the objective was to reduce the burden. He also stressed the need to maximise the use of biomass, calling it an “absolute imperative” to use biomass to the highest extent possible.

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Source: CNBC TV18