Hardeep Singh Puri: India’s Oil Price Rise Far Less Than Global Price Rises, Says Hardeep Singh Puri

Union Petroleum and Natural Gas Minister Hardeep Singh Puri said that compared to fuel price hikes around the world, India only raised prices by 2%, which is well below that of other countries.

“In terms of gasoline and diesel, while increases in North America are 43-46%, in India we are allowing prices to increase by only about 2%. In terms of gasoline, global benchmarks have increased by 260 to 280 percent and our own ability to contain gas price increases was about 70 percent,” Puri told reporters in Washington DC.

Puri held a bilateral meeting Thursday with U.S. Energy Secretary Jennifer Granholm and other senior Biden administration officials.

The minister also highlighted India’s commitment to accelerating a just and sustainable energy transition during the India-US Strategic Clean Energy Ministerial Dialogue.

During his visit, the Union Minister also held talks with senior World Bank officials, Presidential Energy and Infrastructure Envoy Amos Hochstein and senior White House officials. Puri is scheduled to meet with energy executives in Houston on Saturday.

Union minister says India is ‘very confident’ to navigate Organization of the Petroleum Exporting Countries Plus (OPEC+) decision to cut oil production from November by two million barrels per day (bpd) higher than expected.

“How will this affect India? We are very confident that we can navigate through the situation,” Puri told reporters in Washington.

“How will this sail in India? We are very confident that we can navigate through the situation,” Puri said.

Puri pointed out that India is one of the biggest importers of oil and that demand is expected to increase due to an increase in the country’s per capita energy consumption, which currently stands at a third of the world average. Puri further pointed out that the demand for fuel is expected to keep increasing as the country’s economy develops.

“In India, 5 million bpd (oil) is consumed every day; this is expected to increase. Our per capita consumption compared to world averages is 1/3. But I see that in the coming years, 25% of the “Global increase in demand is coming from India. Energy is a key driver of economic growth,” the Union Minister said.

The Union Minister also said that India would buy crude oil from the country of its choice and that New Delhi is under no pressure from Washington to reduce its energy purchases from Russia.

“India will buy oil wherever it needs to for the simple reason that this kind of discussion cannot be taken to the consuming population of India,” Puri told reporters in Washington.

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