India’s Petrol Prices Among the Lowest: Hardeep Puri
Petroleum prices in India are among the lowest in the world, said Union Petroleum Minister Hardeep Singh Puri. Addressing a press conference in Vijayawada, Andhra Pradesh, he emphasized that fuel prices in the country have reduced both in absolute terms and in real terms over the years.
Puri’s statement comes as a surprise to many, considering the recent hike in fuel prices across the globe. However, the minister’s assertion is backed by data, which shows that India’s petrol prices are indeed among the lowest in the world.
According to the minister, the data from the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC) reveals that the average price of petrol in India is around $65 per barrel, which is significantly lower than the global average of $75 per barrel.
This is a significant achievement for India, considering the country’s rapidly growing economy and increasing demand for energy. The minister attributed this success to the government’s efforts to reduce the burden on consumers and to ensure a stable and competitive fuel market.
One of the key factors contributing to India’s low petrol prices is the government’s decision to reduce the excise duty on fuel. In 2019, the government reduced the excise duty on petrol by Rs 1.25 per liter and on diesel by Rs 1.15 per liter. This move helped to reduce the burden on consumers and made fuel more affordable.
Another factor is the government’s efforts to promote the use of alternative fuels. The government has been promoting the use of electric and hybrid vehicles, as well as ethanol-based fuels, to reduce the country’s dependence on fossil fuels. This has led to an increase in the adoption of alternative fuels, which has helped to reduce the demand for traditional fuels and put downward pressure on prices.
The minister also highlighted the importance of the country’s strategic petroleum reserves (SPRs) in maintaining fuel security. The SPRs, which are managed by the Indian Strategic Petroleum Reserve (ISPRL), are designed to ensure a stable fuel supply in case of any disruptions to the global fuel market.
India’s SPRs currently hold around 36.47 million barrels of crude oil, which is equivalent to around 15 days of the country’s average daily oil consumption. This stockpile is designed to provide a cushion against any sudden disruptions to the fuel supply, and the minister emphasized that the SPRs will continue to play a crucial role in maintaining fuel security.
Puri also praised the efforts of the Indian oil companies, including Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL), and Hindustan Petroleum Corporation (HPCL), for their role in keeping fuel prices low. The minister emphasized that the oil companies have been working hard to reduce their costs and increase their efficiency, which has helped to keep fuel prices low.
In conclusion, India’s petrol prices being among the lowest in the world is a significant achievement for the country. The government’s efforts to reduce the burden on consumers, promote the use of alternative fuels, and maintain fuel security have all contributed to this success. As the country continues to grow and develop, it is essential that the government continues to prioritize the energy sector and work towards ensuring a stable and competitive fuel market.
