New Delhi, Feb. 22 -- Petroleum prices in India are among the lowest in the world, said Union Petroleum Minister Hardeep Singh Puri. Addressing a press conference in Vijaywada, Andhra Pradesh, he said that fuel prices in the country have reduced both in absolute terms and in real terms over the years. Speaking about the global oil supply, Puri mentioned that more oil is now coming from countries like the US, Brazil, Guyana, Suriname, and Canada. Stating that "there is no shortage of oil", and that about 40 countries now supply oil to India, from the earlier 27, Puri added that "we welcome if more countries join". This will also help lower the prices, he said.

"In fact, petroleum prices have come down during the last three years," the Uni...