New Delhi, March 27: Union Minister for Petroleum and Natural Gas Hardeep Singh Puri stated on Friday that Prime Minister Narendra Modi has refrained from increasing petrol and diesel prices to protect citizens from international instability.
On the social media platform ‘X’, the minister noted that in the past month, global crude oil prices have surged dramatically, rising from approximately $70 per barrel to nearly $122 per barrel. This increase has led to higher fuel prices for consumers worldwide.
In Southeast Asian countries, prices have surged by about 30% to 50%. In North America, the rise is around 30%, while Europe has seen a 20% increase, and African nations have experienced a 50% hike.
Puri emphasized that the Modi government faced two choices: either raise prices significantly for Indian citizens like other countries or bear the financial burden to ensure their safety from international volatility.
Since the onset of the Russia-Ukraine conflict, Prime Minister Modi has reaffirmed his government’s commitment to safeguarding Indian citizens by absorbing the financial impact of rising crude oil prices.
Puri explained that to mitigate the heavy losses faced by oil companies—approximately ₹24 per liter for petrol and ₹30 per liter for diesel—the government has significantly reduced its tax revenue.
Additionally, due to the sharp rise in international fuel prices, an export tax has been imposed, requiring any refinery exporting to foreign countries to comply.
Amid rising tensions in West Asia, the central government has reduced the central excise duty by ₹10 per liter to maintain stable petrol and diesel prices. This adjustment has lowered the excise duty on petrol to ₹3 per liter from ₹13 per liter, while the excise duty on diesel has been cut to zero from ₹10 per liter.
Arpit Soni has had a passion for journalism since the beginning. Now he has turned this hobby into his profession. Arpit, who is a resident of Udaipur, enjoys editing and writing news related to journalism. He has worked as a Senior Content Producer in several important roles at Bhaskar, Patrika, Pratahkal, Punjab Kesari, and Times. Arpit completed his schooling in Udaipur and Jaipur. He has been working in the media industry for more than 10 years, and his journey is still continuing. ✍️📚
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