“Citizens First: Govt Absorbs Fuel Price Shock Amid Global Crude Surge,” Says Hardeep Singh Puri

International crude oil prices have surged dramatically over the past month, rising from around $70 per barrel to nearly $122 per barrel, triggering a sharp increase in petrol and diesel prices worldwide. Fuel prices have climbed by 30–50% across South East Asia, around 30% in North America, nearly 20% in Europe, and up to 50% in African nations, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri said.

Known for his forthright views, Puri underlined that the Modi Government was faced with a clear choice—either pass on the steep increase in global prices to citizens, as many countries have done, or absorb the financial burden to shield Indians from international volatility. The government, he indicated, chose the latter, prioritising citizen welfare over fiscal convenience.

Later, the Minister posted in X (formerly Twitter) – “Hon’ble Prime Minister @narendramodi Ji, in keeping with his Government’s commitment of last 4 years since the conflict in Russia-Ukraine started, decided to take a hit on its own finances again to safeguard the Indian citizen. Government has taken a huge hit on it taxation revenues to ensure very high losses of oil companies (approximately 24 Rs/litre for petrol and 30 Rs/litre for diesel) at this time of sky high international prices are reduced. At the same time, export tax has been levied as international prices of petrol and diesel have skyrocketed and any refinery exporting to foreign nations will have to pay export tax. My gratitude to Hon’ble PM Narendra Modi Ji and Hon’ble FM @nsitharaman Ji for this very timely, bold and visionary decision!”