(T.E.T)
Amid the Russia-Ukraine war, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Tuesday said oil companies will determine the fuel prices, even as he said there will be no shortage of crude oil in the country.
Puri, however, said 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 here. “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. Crude oil prices rose by Rs 37 to Rs 9,321 per barrel on Tuesday as participants widened their positions on a firm spot demand. On the Multi Commodity Exchange, crude oil for March delivery traded higher by Rs 37 or 0.4 per cent at Rs 9,321 per barrel in 9,660 lots.
