NEW DELHI: As the Centre slashed excise duties on petrol and diesel by Rs 10 per litre each, bringing them down to Rs 3 per litre for petrol and zero for diesel, in a move aimed at cushioning the impact of surging global oil prices, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Friday said the Modi government had two choices -- either increase prices drastically for citizens as all other nations have done, or bear the brunt on its finances so that an Indians are insulated from international volatility.
He added that Prime Minister Narendra Modi, in keeping with his government’s commitment over the last four years since the Russia-Ukraine conflict began, decided to take a hit on its own finances again to safeguard Indian citizens.
Puri took to the social media platform ‘X’ and said, “International crude prices have gone through the roof in the last 1 month from around 70 dollars/barrel to around 122 dollars/barrel. Consequently, petrol and diesel prices for consumers have gone up all over the world. Prices have increased by around 30 per cent-50 per cent in South East Asian countries, 30 per cent in North American countries, 20 per cent in Europe and 50 per cent in African countries."