Despite the Russia-Ukraine war that has sent oil prices skyrocketing, there will be no shortage of crude oil in India, even though the country imports the bulk of its energy requirements, Petroleum and Natural Gas Minister Hardeep Singh Puri assured.

Puri on Tuesday said though oil companies will determine the fuel prices,  the government will take decisions in the best interest of citizens.

"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," Puri said at a press conference.

He dismissed speculation that the fuel prices were reduced by the government earlier due to elections and the rates will be hiked again after the polls.
Puri said the government had reduced Rs 5 per litre on petrol and Rs 10 per litre on diesel last year, but "young leaders" said it was done because of the assembly elections in five states, the results of which will be announced on March 10.

He said people should take note of other conditions such as the Ukraine-Russia war to understand why the rates were hiked globally.

"Oil prices are determined by global prices and there is a war-like situation in one part of the world and the oil companies will factor that in. The oil companies will themselves determine the prices. We will take decisions in the best interest of the citizens," Puri said.

He said when economic activities came to a halt due to Covid-19,  global oil prices fell significantly.

"But now, because of tension and the military action in Ukraine, it (the oil prices) has gone up. The oil companies will take a decision in this regard (to increase prices)," the minister said.

(SAM)