Fuel Prices Cannot Be Reduced Immediately On Fall In Global Crude Rates: Union Minister Suresh Gopi
Thrissur: Union Minister Suresh Gopi on Thursday said that the fuel prices cannot be reduced immediately when the rate of global crude comes down, as it involves many factors, including the time taken for the cheaper oil to reach India.
Gopi, the Union Minister of State for Petroleum, Natural Gas and Tourism, said of the recent hike in fuel prices, only an increase of around Rs 3.94 per litre has made an impact, but it cannot be immediately rolled back just because the cost of crude has gone down globally.
"It will take time as the cheaper crude has to be transported to India via the Strait of Hormuz, which will see an excessive traffic of ship movement. So things will have to be normalised," he told reporters here.
Gopi, the Union Minister of State for Petroleum, Natural Gas and Tourism, said of the recent hike in fuel prices, only an increase of around Rs 3.94 per litre has made an impact, but it cannot be immediately rolled back just because the cost of crude has gone down globally.
"It will take time as the cheaper crude has to be transported to India via the Strait of Hormuz, which will see an excessive traffic of ship movement. So things will have to be normalised," he told reporters here.