Union Minister for Petroleum and Natural Gas Hardeep Singh Puri speaks in the Lok Sabha during the second part of Budget Session of Parliament, in New Delhi.
Highlights
- Rise in petrol prices India comparatively lower than US, Germany, UK, France, says Union Minister
- Global crude oil prices have risen due to the Russian-Ukrainian war
- Hardeep Puri made the statement in Lok Sabha
Rise in domestic petrol prices, due to high crude oil costs, is comparatively lower than other countries such as the US, Germany, the UK and France, Petroleum and Natural Gas Minister Hardeep Singh Puri told the Parliament on Tuesday.
Lately, global crude oil prices have risen due to the Russian-Ukrainian war.
Participating a debate in Lok Sabha on the fuel price rise, Puri defended the Centre and said that price of petrol have been raised by Rs 9 over 12 or 13 days, whereas the international prices have shot up. He cited figures, which compared petrol prices between April 2021 and March 2022.
The Minister pointed out that in the US, during this period, the increase in petrol prices was 51 per cent. Similarly, in Canada, the increase was 52 per cent, while in Germany and the UK, it was 55 per cent, in France, it was 50 per cent, in Spain, it was 58 per cent, in Sri Lanka, it was 55 per cent, and in India, it is just 5 per cent, he said.
The minister said that domestic petrol price in terms of percentage increase was one-tenth of what it is elsewhere.
On Tuesday, state-run oil marketing companies raised key transport fuel prices for the 13th time in the last 15 days. Consequently, in the past 15 days, petrol prices have increased by a little over Rs 9 per litre in the national capital.
These prices were revised for the very first time on March 22 after a gap of more than four months.
The OMCs revise the transportation fuel cost based on various factors such as rupee to US dollar exchange rate, cost of crude oil and demand of fuel amongst others.
The final price includes excise duty, value added tax and dealer's commission. Lately, crude oil prices have been volatile on fears of tight supplies due to sanctions against Russia.
The crude oil price range is a cause of concern for India as it may ultimately add Rs 10-15 in petrol and diesel selling prices. At present, India imports nearly 85 per cent of its crude oil requirements.
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