BSH NEWS
At a time when fuel prices have been rising in India due to the ongoing war situation in Ukraine and Russia, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri while speaking in the Rajya Sabha on Monday said that the Centre has made an effort by slashing the petrol and diesel prices last year when it was needed the most by the consumers. Assuring that the central government is ready to take more steps, Puri said, “We took some steps and are ready to take more. Nine states didn’t do it. Taxation is only one aspect, we have to provide relief to consumers at the point of consumption.”
Further speaking on the recent hike in fuel prices amid the ongoing situation, he referred to a comparative data between USA, Canada, Germany, UK, France, Spain, Sri Lanka, and India and said that the price of petrol has gone up by 50%, 55%, 58%, and 55% respectively in the countries while Indian fuel prices have gone up by only 5%.
This came after the second leg of the ongoing budget session of Parliament resumed on Monday, days after the announcement of Assembly elections results across five states. While the upper house held discussions over a series of issues including Ukraine, and fuel prices among others, both the houses have been adjourned till 2 PM.
BSH NEWS Hike in fuel prices might affect the provisions of Budget 2022
Earlier speaking on the same concerns, Union Minister Hardeep Singh Puri had said that the oil companies will make a decision on petrol and diesel prices and it will be taken in the best interests of the citizens. “Oil prices are determined by global prices and there is a war-like situation in one part of the world and the oil companies will factor that in”, he said.
On the other hand, Union Finance Minister Nirmala Sitharaman also voiced her concerns over the spiralling oil rates in the Indian economy and hinted that it may affect the provisions of the Union Budget 2022 that were tabled earlier this year. “The rising crude prices will have a bearing. We have made some provisions for it in the Budget. But that provision is only based on some average rates prevailing earlier but now is beyond that”, she stated.
Meanwhile, international oil prices have remained on a hike ever since Russia launched its aggressive assault against Ukraine last month.