New Delhi

Giving a hint that a hike in fuel price is imminent in the next few days, Petroleum minister Hardeep Singh Puri on Tuesday said there is a war-like situation in one part of the world and oil companies will factor that in.

The minister, while addressing the press, also mentioned that the government will take decisions in the best interest of our citizens. “Oil prices are determined by global prices. There is a war-like situation in one part of the country. The oil companies will factor that in. We will take decisions in the best interest of our citizens,” said Puri.

Oil Marketing Companies in India haven’t revised the fuel prices for more than three months, despite surging crude prices globally. 

The ongoing war between Ukraine and Russia has only aggravated the situation; the price of crude oil in the International market is touching a new high everyday. Brent Crude on 7 March elevated to USD 139 per barrel, the highest since 2008.

However, it contracted to USD 129.22 on 8 March. Brent Crude had touched an all-time high of USD 147.50 a barrel in July 2008. 

The minister denied that the government had any control on fuel price and it is controlled due to election. 
“To say that the government had controlled oil prices due to elections is not correct,” said the minister. He also said that the government will make sure that energy demand and requirements are met. 

“I assure you all that there will be no shortage of crude oil. We will make sure that our energy requirements are met, even though 85 per cent of our requirements are dependent on imports for crude oil and 50-55 per cent on gas,” said Puri.

A research by state Bank of India’s economic wing noted that the diesel and petrol prices should have been higher by Rs 7-14 by now.  The report also highlighted that the intensifying geopolitical tensions in Europe is going to cost India at least 1 lakh crore in this fiscal year.