CNBC TV18 | SCO recognises there doesn’t exist one uniform low carbon path for all countries: Hardeep Singh Puri

Mar 14,2023

Union Minister of Petroleum and Natural Gas Hardeep Singh Puri on Tuesday said that members of Shanghai Cooperation Organisation (SCO) have recognised that there doesn’t exist one uniform low carbon path working equally well for all countries. The union government held talks on biofuels with SCO countries and visitors coming to India.

"All eight SCO countries do not want this to be a standalone one-time discussion but to continue," he added. As per him, China is also concerned with affordability.

Crude Oil

Puri claimed that India is facing multiple challenges on the energy front due to turbulence in global markets. Despite this, the Oil Marketing companies (OMC) are taking losses on petrol and diesel and didn’t pass on the price to the public. Puri added that there's no under recovery on petrol, but diesel sales are still making some losses.

Hailing Prime Minister Narendra Modi for easing pressure on the general public, he said that the Prime Minister took a call in November 2021 and May 2022 to reduce excise on petrol and diesel.

Puri expects India's as well as global consumption to go up substantially in next-five to eight years. As per him, India daily fuel-energy consumption will rise three fold from current five million barrels per day.

Earlier for the month of February 2023, India’s fuel demand hit its highest level in at least 24 years due to boosting of industrial activity in the country. As per data by Indian Oil Ministry’s Petroleum Planning and Analysis Cell (PPAC), the consumption of fuel rose by more than 5 percent to 4.82 million barrels per day. This is India's 15th consecutive year-on-year rise in oil demand.

Adding that current import dependence of India is high, Puri said that Modi has taken policy actions to address the situation." We have increased the number of countries from which we import to 39 from 27."

"Can’t Run Government On Freebies"
Defending his government's decision of hiking LPG prices by Rs 50 on every cylinder, Puri said that a government can't be run on freebies.

Earlier, the Ministry of Petroleum and Natural Gas had hiked domestic LPG cylinder (14.2 kg) prices by Rs 50 to Rs 1,103 with effect from March 1. On the other hand, LPG cylinder prices (19 kg) were hiked by Rs 350.50 to Rs 2119.50.

"We increased LPG prices only by 50 rupees when global prices were much higher." He also added that there is no under recovery on petrol.