Priyanka
Share
There's promising news on the fuel front. For years, many have hoped for lower petrol, diesel, and gas prices, and it looks like that day might be coming soon.
Union Petroleum and Natural Gas Minister Hardeep Singh Puri recently explained that fuel prices could drop thanks to global efforts to boost oil production—efforts that include the United States. At a press conference, he pointed to U.S. President Donald Trump's call to "drill, baby, drill," a clear signal to ramp up oil extraction and help lower international oil prices.
Minister Puri added that as more oil and gas enter the market, prices should stabilize, which would also play a role in controlling inflation. He emphasized that India's main goal is to purchase oil at lower prices in order to keep inflation in check.
Additionally, he clarified that oil transactions will continue to be carried out in dollars—a longstanding practice. Puri also expressed confidence that stronger energy ties with the U.S. under President Trump's administration will benefit both countries. With India importing oil from 40 nations, including Argentina, increased global supply could encourage oil-producing countries to reconsider any production cuts.
In short, with the prospect of more oil production worldwide, there is genuine hope that fuel prices will soon become more affordable.
