Indian Oil Minister: Never imported Russian liquefied natural gas, state-owned fuel retailers are suffering huge losses
(1) The Indian Minister of Petroleum stated on Tuesday that India needs to assess the loss-bearing capacity of state-owned fuel retailers who are selling vehicle fuel below market prices, in order to determine how long they can continue to sustain.
(2) Due to supply disruptions caused by conflicts in the Middle East, global spot prices of gasoline and diesel have soared to multi-year highs. However, governments of major economies are keeping retail oil prices suppressed to prevent the public from enduring inflation shocks.
(3) An Indian government official previously said that India has no plans to subsidize the losses mentioned above of oil companies. Last month, the official stated that fuel retailers lose about 100 rupees (equivalent to $1.06) per liter of diesel sold, and 20 rupees per liter of gasoline.
(4) Indian Petroleum Minister Hardeep Singh Puri also stated that India's crude oil and liquefied natural gas reserves are sufficient to meet 60 days of demand, and liquefied petroleum gas reserves are sufficient for 45 days of demand.
(5) He made it clear at an industry event: "India has never imported liquefied natural gas from Russia."
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