Guwahati: Minister of Union Petroleum and Natural gas, Hardeep Singh Puri said that compared to fuel price hikes globally, India raised fuel costs by only 2% which is far less than other nations.
“In terms of petrol and diesel, if the increases in North America are 43-46 per cent, in India we allow prices to go up by only 2 per cent or so. In terms of gas, global benchmarks went up by 260-280 per cent and our own ability to contain gas price increases was something around 70 per cent,” Puri told reporters in Washington DC.
Puri met privately with Jennifer Granholm, the US secretary of energy, as well as other senior members of the Biden Administration on Thursday.
At the ministerial conversation on India-US strategic clean energy, the minister also emphasised India’s commitment to speeding a just and sustainable energy transition.
The union minister also met with senior representatives of the World Bank, Amos Hochstein, the presidential envoy for infrastructure and energy, and the White House during his visit. On Saturday, Puri will meet with executives from the oil sector in Houston.
The Union Minister claimed that India was “extremely confident” in its ability to handle OPEC+’s decision to reduce oil production beginning in November by an amount of two million barrels per day steeper than anticipated (bpd).
“How will this impact India? We are very confident of being able to navigate through the situation,” Puri told reporters in Washington.
“How will this navigate India? We’re very confident of being able to navigate through the situation,” said Puri.
Puri emphasised India is one of the biggest buyers of oil, and the country’s per capita energy consumption, which is currently one-third of the world average, is predicted to climb. Puri emphasised further that as the nation’s economy expands, more gasoline will likely be consumed.
“In India, 5mn (oil) bpd is being consumed daily; it’s set to rise. Our per capita consumption compared to global averages is 1/3rd. But I see in the coming years, 25 per cent of the global increase in demand will come from India. Energy is a critical driver of economic growth,” the union minister said.
The Union Minister added that New Delhi will not be under any pressure from Washington to reduce its energy purchases from Russia and that India will purchase crude oil from any nation it chooses.
“India will buy oil from wherever it has to for the simple reason that this kind of a discussion cannot be taken to the consuming population of India,” Puri said.