‘Taking steps to provide relief’: Petroleum minister Hardeep Puri on fuel prices

NEW DELHI: MARCH. 14 – Union minister for petroleum and natural gas Hardeep Singh Puri told the Rajya Sabha on Monday that the Central government reduced the prices of petrol and diesel on November 5 last year, but it was ‘not followed by 9 states.’

During the Budget session of Parliament, Puri told the Upper House, “When we saw that relief needs to be provided to consumers, the PM slashed rates on November 5, 2021. We took some steps and were ready to take more… 9 states didn’t do it,” as per news agency ANI.

When we saw that relief needs to be provided to consumers, PM slashed rates on 5th Nov 2021. We took some steps & ready to take more…9 states didn't do it. Taxation is only one aspect,we've to provide relief to consumers at point of consumption: Union Min HS Puri on fuel prices pic.twitter.com/hDwM9W1oAb

— ANI (@ANI) March 14, 2022

Amid the Russia-Ukraine war, Hardeep Singh Puri reiterated, the fuel prices will ultimately be determined by the oil companies but the government is committed to ‘provide relief to consumers at the point of consumption.’

Puri also cited the comparative data on fuel prices from the US, Canada, Germany, Spain, France, Sri Lanka and India, and said, “In all those countries, the price of petrol during this representative period has gone up by 50 per cent, 55 per cent, 58 per cent and 55 per cent. In India, it has gone up only by 5 per cent.”

Oil prices shed as much as $4 a barrel on Monday, extending last week’s decline as diplomatic efforts to end the war in Ukraine geared up and markets braced for higher U.S. interest rates. Brent crude went down by $3.81 or 3.4% at $108.86 a barrel on Monday, Reuters reported.

Petrol and diesel prices remained unchanged on March 14 in Delhi, Mumbai, Kolkata, and Chennai.

News agency PTI reported last Monday that petrol and diesel prices will increase by Rs15 per litre as per industry experts, as oil companies plan to reduce losses accumulated from keeping rates steady in the run-up to elections in five states, including Uttar Pradesh. Further, Fuel consumption in 2022-23 is estimated to rise to 214.5 million tonnes from 203.2 million tonnes (expected) in the fiscal year ending March 2022.

-Hindustan Times