Union Minister of Petroleum and Natural Gas Hardeep Singh Puri speaks in the Lok Sabha during the second part of the Budget Session of Parliament, in New Delhi.
Highlight
- Petrol price hike in India comparatively less than US, Germany, UK, France: Union Minister
- Russo-Ukrainian war raises global crude oil prices
- Hardeep Puri’s statement in Lok Sabha
Petroleum and Natural Gas Minister Hardeep Singh Puri told Parliament on Tuesday that the increase in domestic petrol prices due to higher crude oil prices is lower than in other countries such as the US, Germany, UK and France.
Recently, the Russian-Ukrainian war has caused global crude oil prices to rise.
Participating in a debate in the Lok Sabha on the hike in fuel prices, Puri defended the Center and said petrol price has gone up by Rs 9 in 12 or 13 days, while international prices have gone up. He cited data that compared petrol prices between April 2021 and March 2022.
The minister said that during this period, the price of petrol in America has increased by 51 percent. Similarly, in Canada it was 52 percent, while in Germany and Britain it was 55 percent, in France it was 50 percent, in Spain it was 58 percent, in Sri Lanka it was 55 percent. percentage, and in India, it is just 5 per cent, he said.
The minister said that in terms of percentage increase, the price of domestic petrol was one-tenth as compared to elsewhere.
On Tuesday, state-run oil marketing companies raised prices of the major transport fuel for the 13th time in the last 15 days. As a result, in the last 15 days, petrol prices in the national capital have increased by a little over Rs 9 per litre.
These prices were revised on March 22 for the first time after a gap of more than four months.
OMCs revise transportation fuel cost based on various factors such as rupee to US dollar exchange rate, cost of crude oil and fuel demand among others.
The final price includes excise duty, value added tax and dealer’s commission. Recently, crude oil prices have been fluctuating due to fears of tight supplies due to sanctions against Russia.
The crude oil price range is a matter of concern for India as it may eventually add Rs 10-15 to the selling prices of petrol and diesel. At present, India imports about 85 per cent of its crude oil requirement.
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