Speaking with reporters in Ludhiana, Puri further asserted that, while fuel prices rose considerably in many countries, rates in India dropped by 3.1 per cent from May 2022 to May 2026.
The petroleum and natural gas minister said oil prices rose across the world in the wake of the Iran conflict.
Sharing data of fuel prices during May 2022 to May 2026, Puri said petrol prices in Pakistan rose by 70 per cent, Sri Lanka by 66 per cent, France by 47 per cent, Italy 46 per cent, Bangladesh 36 per cent and the US 35 per cent.
“In India between May 2022 and May 2026, prices dropped by 3.1 per cent. On one hand, prices rose by 70-80 per cent in the world, but here (Prime Minister Narendra) Modi ji reduced prices by 3.1 per cent,” he said.
“How did it happen? The cost of petrol at the extraction point, then add insurance cost, freight, margin, Centre’s excise duty and states’ VAT.
Fuel prices dropped after the Prime Minister reduced the central excise duty three times in November 2021, May 2022 and now recently, he pointed out.”A few weeks ago, excise duty on petrol and diesel was reduced by Rs 10 a litre,” he said, adding that it put an additional burden of Rs 1 lakh crore on the budget.
But the PM did not want people to face any financial burden, he said.
“When we raised petrol and diesel prices, how much did it increase? Fuel prices rose by Rs 7.60 a litre,” he said. In addition to Japan, there was the lowest increase in fuel prices in India, he said.
Replying to a question on capping sale of diesel at 200 litres a day, he said it was done to curb black marketing.
To another question, Puri said the supply situation is quite comfortable. “We have a stock of crude oil for over 60 days, we have natural gas stock for over 60 days,” he said.
On the LPG situation, he said it is also quite comfortable.
For example, if 80,000 metric tonne of LPG per day were used, we ourselves used to make 32,000 MT and it has now been raised to 54,000 MT, he said, which led to reduction in dependence on its import.
He further said LPG connection holders were being asked to shift to piped gas. “We have a maximum stock of LPG which is 75-80 days of stock,” he said.
On E85 fuel (85 per cent ethanol blended petrol), he said at present, there are 47 E85 fuel pumps in the NCR.
By December 2026, the strength of pumps would go up to 500 and by December 2027, it would further increase to 5,000 pumps, he said.
To a question on the killing of three Indian seafarers in a US military strike on a merchant vessel in the Gulf of Oman, he said India has lodged a strong protest.
India summoned US Charge d’Affaires twice, while External Affairs Minister S Jaishankar raised it with US Secretary of State Marco Rubio in this regard, he said.