India contained fuel price rise, developed nations saw a jump: Govt

Union Minister Hardeep Singh Puri on Friday said fuel price hikes in India have been contained compared to exponential increases in developed countries. He said that the most developed countries have seen fuel prices increase by almost 40% from July 2021 to August 2022.

According to news agency ANI, the Ministry of Petroleum and Natural Gas has signed contracts for 31 blocks of fields discovered as small fields (DSF) in the framework of the third round of DSF bidding, and four CBM blocks in the CBM V bid round were awarded. for 14 domestic exploration and production companies, according to ANI news agency.

Oil Minister Hardeep Singh Puri also attended the event and unveiled the logo for Indian Energy Week (IEW) 2023. The flagship event of the ministry will take place from 6 to 8 February 2023 in Bengaluru. .

Speaking at the event, the minister emphasized that India has demonstrated excellent resilience during the global energy crisis and that the government has taken various measures to mitigate the volatility of oil prices. global crude and gas.

“The increase in fuel prices in India has been contained compared to the exponential growth in developed countries. Most developed countries have seen fuel prices increase significantly by almost 40% from July 21 to August 22 and in India fuel prices have dropped 2.12%,” said Puri.

He adds, “Gas prices for all major malls increased sharply between July 21 and August 22. Henry Hub of America increased by 140%. JKM Marker is up 257% and UK, NBP is up 281% and in India CNG and PNG prices are up only 71%. “

Speaking about LPG prices, he said CP prices of Saudi Arabia (India’s key benchmark) have almost increased by 303% in the past 24 months, while LPG prices in India (Delhi) have increased less than less than 30 percent. 1/10 of that number is only 28%. in the same time period.

The minister said that India is moving towards a “gas-based economy” by connecting consumers through the City Gas Distribution System, improving its re-licensing capacity, expanding its network. pipelines and set up CNG stations.

He also praised the Center’s social welfare plans such as Prime Minister Ujjwala Yojna and its role in ending energy poverty, ensuring social upliftment and as a catalyst of social change. Assembly cannot be emphasized enough.

(With ANI input)

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