Government Refutes Immediate Fuel Price Cut, Cites Under‑Recovery

Delhi, July 2 — The Ministry of Petroleum and Natural Gas rejected calls for an immediate reduction in fuel prices, citing ongoing financial gaps. Hardeep Singh Puri explained that oil marketing corporations are working to recover an estimated under‑recovery of ₹2.18 lakh crore.

These firms also possess reserves acquired when crude oil prices were considerably higher, making a short‑term price cut untenable. Puri added that the government has shielded consumers from most of the shocks caused by global crude fluctuations.

“Reducing retail fuel rates now would not be feasible,” he affirmed.