Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Saturday said there has been no increase in petrol and diesel prices in real terms, asserting that the government has absorbed much of the impact of global crude oil fluctuations and hinting at the possibility of lower fuel prices if lower-priced crude oil reaches refineries.
“If we look at the situation in real terms, there has been no increase in petrol and diesel prices in the country,” Puri said while addressing a press conference during his visit to Sonbhadra as part of the Centre’s campaign to mark 12 years of the Narendra Modi government.
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Petroleum Minister Puri on fuel prices
Prime Minister Narendra Modi cut central excise duty in November 2021, May 2022 and again recently, with the government bearing a burden of about $10 per liter on petrol and diesel.
Asked whether domestic fuel prices would fall in the wake of decline in global crude oil prices, Puri said: “There are 193 countries in the United Nations and only Japan has seen a smaller increase in oil prices than India.”
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What is the overall increase?
The Minister of Petroleum said that the cumulative increase in gasoline and diesel prices was limited to $He added that compared to the prices prevailing during the Russian-Ukrainian conflict that began in 2022, “there was actually no increase.”
Referring to the tensions surrounding the Strait of Hormuz, Puri said that oil marketing companies are incurring losses amounting to about… $1000 crores per day, but the government has ensured that consumers are protected from the impact.
“If compared to 2022 prices, the rates are actually lower,” he said.
Puri said that oil companies currently hold stocks of crude purchased at higher prices, and that fuel prices may fall once lower-priced crude reaches refineries.
“Currently, companies have stocks of crude oil purchased at higher prices. When crude oil purchased at lower prices reaches them, there is a possibility that fuel prices will fall,” he said.
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Puri talks about India’s economic growth under Prime Minister Modi
The minister said India has achieved unprecedented progress in infrastructure, energy, social security, welfare and self-reliance in the last 12 years under the leadership of Prime Minister Narendra Modi.
“Our economy is growing at a very fast pace,” he said, adding that India is moving rapidly towards becoming the third largest economy in the world.
Puri said India was the 11th largest economy in the world when Modi took office in 2014, and since then its economy has grown to $4 trillion.
He said over 23,000 startups and over nine lakh government jobs through transparent recruitment processes and initiatives like One District One Product (ODOP) have transformed Uttar Pradesh into a new growth and employment engine.
“Ayodhya, Kashi and Prayagraj are emerging as world-class spiritual and tourism centres,” Puri also said, adding that projects like Ram Temple, Kashi Vishwanath Corridor and infrastructure developed for Mahakumbh have boosted tourism, local employment and economic activity.
(With inputs from PTI)
