Will Petrol, Diesel Be Cheaper In 2024?

Union Petroleum Minister Hardeep Puri dismissed speculation about a fuel price cut, stating no discussions occurred with oil companies on the matter. Puri highlighted global turmoil from conflicts like the Russia-Ukraine war and Israel-Hamas tensions impacting shipping routes, particularly the Red Sea.S&P Global Commodity Report highlights. Despite Red Sea threats, India's demand for Russian crude, though temporarily slowed, still maintains Russia's position as the top supplier, accounting for over 35% of India's total crude imports. The recent decline is attributed to various factors, but a resurgence is expected post-maintenance, aligning with increased refining margins and seasonal demand growth. Despite Red Sea disruptions, India's crude imports from Russia remain unaffected for now.