The All India Motor and Goods Transport Association (AIMGTA) has urged the Center to reduce petrol and diesel prices, arguing that the sharp decline in international crude oil prices should be passed on to consumers and the transport sector, PTI reported.The association said in a statement to the government that global crude oil prices fell from about $104 per barrel to about $90 per barrel, making way for a reduction in domestic fuel prices.
The carrier body said rising fuel costs continue to put pressure on transport operators and increase logistics expenses across the supply chain.According to the association, rising fuel and transportation costs also contribute to inflationary pressures, affecting businesses and consumers alike.AIMGTA urged the government to provide support to the transportation sector by reducing petrol and diesel prices in line with the decline in global crude oil prices.The association said that such a move would help reduce operating costs for transport companies, ease inflationary pressures, and provide relief to consumers.The order comes days after state-run fuel retailers hiked petrol and diesel prices by around Rs 7.50 per litre, effective May 15.
The government on Friday said the country has sufficient stocks of petrol, diesel, LPG, crude oil and natural gas, while refineries are operating at their optimum levels and LPG production is at an all-time high of about 52,000 tons per day. “We are working on strategic reserves. Oil marketing companies have been asked to come up with (a plan) to retain LPG reserves for at least 30 days, and they are working on that,” Petroleum Ministry Joint Secretary Sujata Sharma said on Friday.“No drought has been reported at any LPG distributor,” Sharma said, adding that “abnormal selling was observed at several petrol pumps.”The government has also asked the Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) to prepare plans to increase LPG storage capacity.