Minister for Petroleum and Natural Gas Hardeep Singh Puri said on Wednesday that there was no proposal to cut petrol and diesel prices at present as there was “high volatility” in global crude oil prices.
The minister dismissed media reports about a fuel price cut as ‘speculative’, saying the government’s top priority is energy availability.
He also said that the oil marketing companies — Indian Oil, BPCL and HPCL, incurred heavy losses when the prices of crude oil had skyrocketed recently.