With two months of fuel stockpiles, India faces no supply concerns despite disruptions to global energy flows, Oil Minister Hardeep Singh Puri on Tuesday said, while warning that state-run fuel retailers face losses of as much as Rs 1 lakh crore in a single quarter if elevated crude prices persist and retail fuel prices remain unchanged.
He said that at some stage an assessment needs to be made on how long retailers can sustain losses from selling petrol, diesel and cooking gas LPG below cost, but refused to speculate if rates would be raised anytime soon.
“We have no supply-side problems,” the minister said at CII’s Annual Business Summit here, adding that India began the crisis with “more than enough” crude oil and LPG inventories and had since ramped up domestic LPG production to 54,000 tonnes per day from about 36,000 tonnes previously.
At the same time, the minister acknowledged growing fiscal stress from keeping retail fuel prices unchanged.
“My oil companies are losing Rs 1,With two months of fuel stockpiles, India faces no supply concerns despite disruptions to global energy flows, Oil Minister Hardeep Singh Puri on Tuesday said, while warning that state-run fuel retailers face losses of as much as Rs 1 lakh crore in a single quarter if elevated crude prices persist and retail fuel prices remain unchanged.
He said that at some stage an assessment needs to be made on how long retailers can sustain losses from selling petrol, diesel and cooking gas LPG below cost, but refused to speculate if rates would be raised anytime soon.
“We have no supply-side problems,” the minister said at CII’s Annual Business Summit here, adding that India began the crisis with “more than enough” crude oil and LPG inventories and had since ramped up domestic LPG production to 54,000 tonnes per day from about 36,000 tonnes previously.
At the same time, the minister acknowledged growing fiscal stress from keeping retail fuel prices unchanged.
“My oil companies are losing Rs 1, Latest News [ SOBAN NEWS: International and National ]
