ABP | "Petrol price in India lowest compared to other countries"; Union Petroleum Minister's statement while replying to the opposition's questions in Parliament

Dec 16,2022

The government is on the target of the opposition due to the prices of Petrol-Diesel Price Today. Opposition parties say that the prices of petrol and diesel in the country are at a high level. In this regard, Union Petroleum Minister Hardeep Singh Puri answered the questions of the opposition in Parliament. Considering the current global situation and the prices of crude oil in the international market, he said that petrol prices are the lowest in the country compared to other countries. Between 2021 and 2022, petrol prices in India have increased by only two per cent despite a sharp rise in international prices.

While replying to questions during Question Hour in Parliament on Thursday, the Union Petroleum Minister said, "After the reduction in excise duty by the Centre, some states reduced VAT to reduce the prices of petrol and diesel, while some anti-BJP states did not. Speaking further, Puri said "I would like to say that yet West Bengal, Tamil Nadu, Telangana, Andhra Pradesh, Kerala and Jharkhand have not reduced their rates."

"Central Government has reduced VAT twice" 

The Petroleum Minister said, "The central government has reduced the excise duty twice in November 2021 and May 2022 to keep the price at the petrol pump at a reasonable level. Puri further said, "I am happy to tell you that some states have also reduced the VAT. Now we have a situation where some states are charging VAT at the rate of Rs 17 and other anti-BJP states are charging VAT at the rate of Rs 32."

"Uncertainty on a Global Scale"

The Union Petroleum Minister said, "There is a gap. Some members were saying that today the price of petrol is Rs 100 a liter in some places. This situation tells me that the important issue today is that we are facing uncertainty at the global level." 

"Increase in international petrol prices"

Hardeep Singh Puri said, "Petrol prices have gone up by a huge margin internationally. The prices are sometimes 40 per cent higher or 50 per cent higher. Petrol prices in India have increased by only two per cent between 2021 and 2022, and that is because of us. Our excise duty And we have appealed to the states to reduce the VAT. Some states have done it, some have not."

Referring to the revenue of oil companies, Hardeep Singh Puri said, "I have some figures, which speak volumes. OMCs have made a profit before tax of Rs 28,360 crore in the first half of the financial year 2021-22. This is a profit before tax of Rs 27,276 crore. There is. IOCL, BPCL and HPCL, all three companies, have posted a combined loss of Rs 27,276 crore in the first half of next year. So this is a mix of central government excise duty cuts."

He said that today petrol prices are probably the lowest in India. Crude oil prices in India have increased by an average of 102 percent. It has increased from $43.34 to $87.55 between November 2020 and November 2022. The retail price of petrol had increased by only 18.95 per cent while it was 102 per cent at that time.