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Union ministers on Friday welcomed the Centre's recent measures to shield consumers from a potential spike in fuel prices amid the West Asia crisis, with Petroleum and Natural Gas Minister Hardeep Singh Puri describing India as an "oasis of energy security, availability and affordability" even as several countries resort to drastic fuel conservation measures in response to rising global crude prices.
Reacting to the government's decision to reduce excise duty on petrol and diesel, Puri said that while many countries have imposed strict fuel conservation measures and raised prices, India has prioritised affordability and supply stability. "When rest of the world has been taking drastic fuel conservation measures such as odd-even, 4 day work weeks, school and office closures and increasing fuel prices by 20-30%, India under PM Narendra Modi Ji remains an oasis of energy security, availability and affordability," Puri said in a post on X. He also said the government has taken steps to ease the supply of commercial LPG for industries. Industries earlier got only 50% LPG due to the crisis, but the government is now increasing it to 70% by adding an extra 20% (on top of 40% basic supply and 10% reform-based allocation). "Taking a further step to ease supply of commercial LPG, Government of India has decided to increase the commercial LPG allocation of states to 70%, with 20% allocation given to industries such as steel, automobile, textile and other labour intensive industries. Priority will be given to those industries where piped gas is not a substitute," he added. Earlier, Union Minister for Railways and Electronics and IT Ashwini Vaishnaw hailed the Centre's reduction of excise duty on petrol and diesel by Rs 10 per litre to shield citizens from rising global crude prices. "With global crude prices surging, many nations passed the burden to citizens. Bharat chose to protect its poor and middle income families. PM Narendra Modi Ji has reduced excise duty on petrol and diesel by 10 per litre, while imposing export duties on diesel and ATF to secure domestic supply," Vaishnaw said in a post on X. He added that the government has borne fiscal losses to provide relief to citizens amid the global energy crisis. "The government has absorbed fiscal losses to provide relief to its people amid the global crisis," he said. Union Minister for Civil Aviation Jyotiraditya Scindia also welcomed the decision, describing it as a "pro-people decision at a critical global moment." "As volatility grips international energy markets, India, led by PM Narendra Modi ji, has acted yet again with strong foresight and resolve. The reduction in excise duty on petrol and diesel by 10 per litre each will significantly cushion citizens from price shocks," Scindia said. He further said that the government has also taken steps to strengthen domestic fuel availability, helping ensure enough supply and improving India's energy security. "At the same time, calibrated export duties on diesel and ATF will enhance domestic availability, reinforcing the nation's energy security," he added. The government on Friday slashed excise duties for petrol and diesel, bringing them down to Rs 3 per litre of petrol and zero for a litre of diesel. Windfall tax on export of diesel has been set at 21.5 rupees/litre. The reduction comes amid a global energy crisis due to the US-Israel war on Iran and the consequent Tehran-imposed blockade on the Strait of Hormuz, through which a fifth of the world's crude oil and gas supply, between 20 and 25 million barrels per day, is shipped. Before the conflict, India bought 12 to 15 per cent of that oil. (ANI)
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