Oil Minister Hardeep Puri has emphasized India’s ability to navigate the fluctuating fuel prices, stating that the discount on Russian crude oil is not as substantial as it was initially during the Ukraine conflict. Speaking to reporters, he assured that the government has ensured the affordability and availability of petroleum products, despite disruptions in the global energy market.
Hardeep Puri proudly noted that India has managed to shield itself from surging fuel prices, comparing the marginal hike in petrol and diesel prices in the country over the last two years with several large economies and neighboring nations. He attributed this success to the government’s strategic measures, including the reduction of central excise twice during the most volatile period in the energy markets, ensuring “availability, affordability, and sustainability” of fuel.
The minister also addressed the controversy surrounding the ‘Barbenheimer’ meme, which caused outrage in Japan. While the Japanese arm of Warner Bros. criticized the US division’s social media engagement, Puri defended the government’s efforts to maintain fuel affordability. He took a dig at the opposition, highlighting how BJP-ruled states have significantly slashed VAT on fuel compared to other states.
On the global front, Puri shed light on India’s successful diversification of crude procurement, expanding the list of importing countries from 27 to 39. The country has also increased ethanol blending in petrol from 1.53 percent in 2014 to 11.7 percent in June 2023, emphasizing India’s commitment to renewable energy sources.
Discussing India’s economic growth, Puri stated that the country is the fastest-growing major economy globally. According to IMF projections, India is expected to contribute 15 percent of global growth in 2023, with the GDP estimated to cross $3.75 trillion that year, compared to $2.04 trillion in 2014.
As the government endeavors to enhance its refining capabilities, Puri revealed plans to expand refining capacities to about 450 million metric tonnes per year, positioning India as the world’s second-largest refining hub. The country currently stands at 252 million metric tonnes, with an additional 50 million metric tonnes in the pipeline.
While addressing the opposition’s approach to discussions in Parliament, Puri asserted that democracy allows the opposition to speak, but he criticized their seemingly entrenched opposition stance. The government’s policies, as cited by NITI Aayog, have shown significant outcomes, with 135 million people escaping “multidimensional poverty” between 2015-16 and 2019-21.
With India’s proactive measures in the energy sector, diversifying crude procurement, and focusing on economic growth, the nation continues to demonstrate its resilience in the face of global challenges.
