Oil Minister Hardeep Singh Puri addressed expectations of a reduction in petrol and diesel prices, citing the highly turbulent global market that needs to stabilize before any cuts. Despite a surge in crude oil costs last year, state-owned fuel retailers—Indian Oil Corporation Ltd (IOCL), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL)—have maintained a freeze on petrol and diesel prices for a record 21 months.

Puri stated that there have been no discussions with the oil marketing companies about reducing fuel prices, emphasizing that these companies make their own decisions on pricing. The global conflicts in Russia-Ukraine and Israel-Hamas, leading to attacks on cargo ships in the Red Sea, contribute to the market's volatility. Puri highlighted the significant portion of global shipping and oil trade passing through the Red Sea and the Suez Canal.

In the face of the unpredictable situation, Puri emphasized the government's primary responsibility to ensure the availability and affordability of fuel. While oil companies currently make some profit, the situation remains touch-and-go, with fluctuations between profit and loss on different days. The freeze on petrol and diesel prices since April 6 last year is contingent on the stabilization of oil prices. The three firms reported bumper profits in April-September but are yet to recoup all losses from the previous fiscal year