Crude price hike singes India less than other countries: Oil minister Puri

India mitigated impact of high fuel prices better than other countries: Oil Minister Puri

India has been able to protect its people better than the neighbouring countries and the West, including the US, from the impact of high crude oil prices, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said.

Oil marketing companies (OMCs) took a hit to protect consumers and have left diesel and petrol prices unchanged for over a year now, he said at the CNN-News18 Town Hall. OMCs have booked losses in the first half of the financial year 2022-23 due to high international crude oil prices amid geopolitical tensions.

Compared to developing and developed nations around the world, India has been able to mitigate the impact of soaring prices of crude oil.

Puri said petrol prices in the US have increased by 30.15 percent in June 2023 compared to the previous year. Contrary to this, the prices in India have increased by 2.36 percent in the same period.

The opposition parties are spreading “false narrative” on inflation in the country, he said. He pointed out that the central government reduced excise duty on petrol and diesel twice to control inflation in the country.

Puri claimed that there is a significant difference between the price of petrol and diesel in the states ruled by BJP government and other governments.