India is only country to see fuel prices fall in two years: Hardeep Puri

Hardeep Singh Puri speaks at NDTV Indian of the Year Awards

New Delhi:

Responding to opposition criticism of high oil prices, Union Petroleum and Natural Gas Minister Hardeep Singh Puri said India was the only country in the world to see fuel prices fall during the two-year reference period.

Mr Puri was speaking at the NDTV Indian of the Year Awards in Delhi tonight.

He said the Narendra Modi government deserves admiration for controlling prices. “The Honorable Prime Minister was able to reduce fuel prices at a time when 800 million people were and are still receiving three meals a day. We are the only country in the world where fuel prices have actually fallen over the two-year reference period, “He said.

When asked about India’s stance on buying Russian oil, the reasons for which were spelled out by External Affairs Minister Dr S Jaishankar at international forums, Puri said: “India’s stance is that we will buy from wherever we have to buy.”

He said that before the war in Ukraine, India purchased a very small amount of the crude oil it needed from Russia. “Then the price went up and now it is 30-32 per cent. Will it stay like this? If we get a good price, it will,” he said, adding that India had also received other offers.

Asked about the challenges faced in ensuring that India never falls into energy poverty amid geopolitical developments such as the war in Ukraine, Mr Puri said: “There are opportunities within the challenges you describe. If the six cylinders of the economy It’s all running.”

The minister said there had been no shortage of diesel, petrol or cooking gas in the past few years. “So we’re handling it pretty well.”

“The Hon’ble Prime Minister has decided twice – in November 2021 and May 2022 – that we will reduce central excise duty. This has brought down the price of petrol by Rs 13 and diesel by Rs 16. In the states ruled by the BJP, it has been reduced Central Excise Tax.” Their VAT. Hence, there is a difference of Rs 12-15 between the BJP-ruled states and non-BJP-ruled states. This is what the center does. Most importantly, you have a good corporate entity. When prices got out of control, prices increased by 60-70% in Sri Lanka and even higher in Pakistan. In the United States, Western Europe, and Canada, prices have increased by 25% to 40%. And in India, prices are coming down. Because oil marketing companies decided “as good corporate citizens, they will keep their profits. OMC is now smiling to the bank,” he said.

Asked about criticism that the OMC may be playing a joke on banks but not giving relief to the common man, Mr Puri said the OMC is not a charitable organization and has to answer to its shareholders. “They did what they could,” he said, stressing that they stopped at the right time.

Asked whether there was room for further reduction in fuel prices, the Union minister pointed to the model code of conduct for the Lok Sabha polls. “Anything I say will be met with criticism,” he said.

Mr. Puri also said that people’s perception towards public sector companies has changed. “The good news is that the public sector is generally doing well,” he said.