Petroleum Minister blames 'unsettled' international conditions for fuel price hike

Petroleum Minister Hardeep Singh Puri on Thursday blamed the hike in fuel prices in the country to the increase in prices in the international market triggered by “military action in one part of the world following the COVID crisis”. But he assured that efforts were on to ensure that fuel would be available to people at “affordable prices”.

Replying to a question in Lok Sabha, the minister said the LNG prices in the international market has shot up by “more than 37 per cent” as compared to prices from April 2021 to February 2022. This is due to “an unsettled condition and military action in one part of the world following the COVID crisis”, he said.

Also read: Petrol, diesel prices hiked after 137 days; LPG dearer by Rs 50

“Whereas, our increase at the bunk has been only five per cent,” he told the House during Question Hour. As far as the LPG price, which are based on Saudi CP (Contract Price), is concerned, it has has gone up by 285 per cent from April 2020 to March 2022, and the hike has been 37 per cent the the last six months alone, he said.

“So, I just want to place these facts before the members and this august House, so that they understand what the international situation today is,” he said. Despite these challenges, the government was making every effort to ensure the consumer at the point of consumption gets fuel at an affordable price, he added.

It has always been the government’s endeavour to make available CNG at “good affordable price” to consumers, said, even as Congress member Shashi Tharoor, who rose to ask a question after Puri spoke, pointed out archly, “But, there is no reduction in taxes.”