No lockdown in India, fuel and essential supplies fully secure, stay calm: Petroleum Minister Hardeep Singh Puri assures citizens
Hardeep Singh Puri said international crude oil prices rose sharply in 1 month
Prices increased from about $70/barrel to $122/barrel
Due to this, petrol and diesel prices increased globally
Increase levels:
30–50% in Southeast Asia
30% in North America
20% in Europe
50% in Africa
The Indian government had two options:
Increase fuel prices for citizens
Or absorb the financial burden
Government chose to protect Indian citizens from global price volatility
Under PM Narendra Modi, the government decided to bear financial impact again (since Russia-Ukraine conflict)
Government reduced taxes to control fuel prices
Approx loss:
₹24/litre (petrol)
₹30/litre (diesel)
Export tax imposed on fuel due to high global prices
Refineries exporting fuel must now pay export tax
He thanked PM Narendra Modi and FM Nirmala Sitharaman for the decision
