India fuel prices: Hardeep Singh Puri says petrol and diesel stayed stable amid crude volatility

Union Petroleum and Natural Gas Minister Hardeep Singh Puri said petrol and diesel prices in India have not effectively risen. Puri linked this to government steps during global crude oil swings. Puri spoke at a press conference in Sonbhadra during a Centre campaign marking 12 years. Puri also said oil companies were bearing losses, without passing costs to users.

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Explaining the pricing position, Puri said, "If we look at the situation in real terms, there has been no increase in petrol and diesel prices in the country,\" Puri said. Puri added that, against rates during the Russia-Ukraine conflict in 2022, pump prices were not higher. Puri also pointed to tensions around the Strait of Hormuz.

Petrol and diesel prices: excise duty cuts and global crude impact

Puri said Prime Minister Narendra Modi cut central excise duty in November 2021 and May 2022. Puri said this happened again recently. Puri said the Centre was bearing about Rs 10 per litre each. This burden applied to both petrol and diesel. Puri said the intention was to shield consumers.

Asked about price cuts if global crude stays softer, Puri said, \"There are 193 countries in the United Nations and only Japan has seen a lower increase in petroleum prices than India.\" Puri said the total rise in petrol and diesel was limited to Rs 7.60. Puri also said 2022 rates were actually higher.

On the supply chain, Puri said firms still held costlier crude stock. Puri said prices could ease after cheaper crude reaches refiners. Puri said, \"At present, companies have stocks of crude oil bought at higher prices. When crude purchased at lower prices reaches them, there is a possibility of a reduction in fuel prices,\" he said.

Puri said tensions near the Strait of Hormuz added pressure for oil marketing companies. Puri said the firms were losing around Rs 1,000 crore per day. Puri said the government ensured people did not face that cost. Puri said, \"If compared with 2022 prices, the rates are actually lower,\" he said.

Petrol and diesel prices: Sonbhadra development claims and Delta Ranking

Turning to Sonbhadra, Puri said the district topped the Government of Indias Delta Ranking programme. Puri said the area was leaving its backward tag behind. Puri said, \"Sonbhadra is moving out of the identity of backwardness and will soon establish itself as a model district,\" he said. Puri linked this to the Centre and state governments.

Puri said Sonbhadra’s per capita income rose sharply over recent years. Puri said it moved from Rs 43,000 in 2018 to about Rs 1.2 lakh now. Puri said, \"There is still work to be done and all of us are engaged in that effort,\" he said. Puri described the shift as part of wider growth.

Petrol and diesel prices: broader economy and Uttar Pradesh growth

Puri said India made progress in infrastructure, energy, welfare, and self-reliance over 12 years. Puri said, \"Our economy is growing at a very fast pace,\" he said. Puri said India was moving towards being the world’s third-largest economy. Puri said India was 11th in 2014 and is now a USD 4-trillion economy.

On Uttar Pradesh, Puri said the state’s gross domestic product increased strongly. Puri said it grew from about Rs 13 lakh crore in 2016-17 to nearly Rs 36 lakh crore. Puri said the state had over 23,000 startups. Puri said it also delivered over nine lakh government jobs through transparent hiring.

Puri said schemes like One District One Product ODOP supported work and industry. Puri said religious cities were also drawing more visitors. Puri said, \"Ayodhya, Kashi and Prayagraj are emerging as world-class spiritual and tourism centres,\" Puri further said. Puri said projects like the Ram Temple and Kashi Vishwanath Corridor aided local jobs.

Puri linked fuel pricing and local development to government choices over several years. Puri said excise duty cuts and consumer protection limited the impact of crude swings. Puri also pointed to Sonbhadra’s Delta Ranking lead and rising incomes. Puri said Uttar Pradesh’s output, jobs, and tourism projects showed wider economic activity.

With inputs from PTI