-
India has lowest petroleum prices in the world, says Union Minister
Union Petroleum Minister Hardeep Singh Puri asserted that petroleum prices in India were the lowest in the world. The petroleum prices had come down in ‘absolute and real terms’ in the country, he said.
The Minister was in the city to address a meeting on Budget with intellectuals and businessmen, on Friday.
Addressing a press conference, Mr. Puri said that more oil was coming from the U.S., Brazil, Guyana, Suriname and Canada in the western hemisphere, while hinting at a price drop. ‘‘There is no shortage of oil. The number of India’s oil suppliers has already gone up from 27 to 40. And if more oil comes in, this is something that we welcome. Hopefully, the prices will come down,’‘ he said.
The Minister, however, was quick to add that the government did not benefit from petroleum. The government, instead, had to give ₹220 billion to the oil companies. ‘‘In fact, petroleum prices have come down during the last three years. While a negative growth of -0.67% was witnessed with regard to petrol price, the diesel price increased marginally by 1.15%,’‘ he said.
Referring to the Indian economy, the Union Minister said that India was part of the “Fragile Five” (a group of countries that were considered to be overly reliant on foreign investment for economic growth) when Narendra Modi became the Prime Minister in 2014. ‘‘The Indian economy developed significantly under his rule. It was the 10th largest economy then. India’s place improved and the country made strident steps since then: from 10th largest economy to the fifth largest and to the fourth largest. India will soon achieve a 4-trillion dollar economy,’‘ he said, adding, by 2027 India would become the third largest economy.
Share This
