Awaz the Voice | Oil prices depend on number of dynamic factors: Petroleum minister

Oct 16,2022

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said on Saturday that the prices of energy depend on a number of dynamic factors, and the government of India has taken various initiatives in its control like reduction in excise duties twice (once in November 2021 and May 2022) to keep prices under check.

In the context of domestic energy demand, the minister said 25 per cent of the global growth in energy demand would come from India. He added that India was trying to meet a large part of its total energy demand from domestic sources and at the same time trying to diversify its crude oil sources. He also talked about rising share of ethanol blending in petrol where 10 per cent blending target has been achieved before the target date.

The official statement also mentioned that a section of the media had misreported on the issue of domestic oil production and price rise of petrol by Union Minister of Petroleum and Natural Gas Hardeep Singh Puri on the sidelines of GeoIndia 2022 in Jaipur on October 14. It said these reports were not only mischievous but are also misleading and motivated.