Is Petrol and Diesel going to become cheaper? Know here 

Petrol Diesel – Big news for common people of India. Petrol Diesel to get cheaper? Amid rising oil prices, a relief news has come. Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Thursday clearly indicated that crude oil prices may fall in the coming time. The reason for this is the major change in the energy import policy adopted by India and the increasing inclination towards new supply sources.

Hardeep Singh Puri said, “Oil prices will come down because new sources are emerging. We now have sufficient oil.” He also clarified that India is no longer dependent on just a few countries, but it has increased the scope of oil imports from 27 to 40 countries.

India’s growing role in the oil market

Hardeep Puri also said that 16 percent of the growth in the world oil market has come from India and this figure can reach 25 percent in the coming years. This means that India is not only becoming a consumer but also a country that gives direction to the global energy market.

When asked about the US sanctions, Puri replied candidly, “I am not worried. Even if something happens, we will find a solution to it. When one door closes, another opens.” It is clear from his statement that India is now more self-reliant and strategically strong than ever in matters of foreign policy and energy security.

Recently, the US had expressed the possibility of secondary sanctions on countries trading with Russia. Minister Puri made a big statement on this. He said, “Russia accounts for 10 percent of global oil production. If Russia was excluded from the oil trade, the prices would have reached $130 per barrel. Even Turkey, China, Brazil and the European Union have bought oil and gas from Russia.”

According to Puri, India’s purchase of oil from Russia has not only made economic sense but has also helped keep global prices stable. He said, “If the world supplies 97 million barrels of oil every day and 9 million barrels of it suddenly disappeared, the whole world would have to reduce its consumption by more than 10 percent – which is impossible.”