Guwahati, March 27: Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Friday said international crude oil prices have surged sharply over the past month, rising from around $70 per barrel to nearly $122 per barrel, triggering a global spike in fuel prices.

He noted that petrol and diesel prices have increased significantly across regions, with South East Asian countries witnessing hikes of 30–50%, North America around 30%, Europe about 20%, and African nations close to 50%.

Against this backdrop, Puri said the government led by Prime Minister Narendra Modi faced a critical choice—either pass on the full burden of rising global prices to Indian consumers or absorb the financial strain to shield citizens from volatility.

According to the minister, the government opted for the latter, continuing its approach since the onset of the Russia-Ukraine conflict. He said the Centre has taken a substantial hit on tax revenues to cushion consumers, while also mitigating losses faced by oil marketing companies—estimated at around ₹24 per litre for petrol and ₹30 per litre for diesel.

Puri further stated that the government has imposed export taxes amid soaring global fuel prices, ensuring that refiners exporting petrol and diesel contribute additional revenue.

Describing the move as timely and decisive, he expressed gratitude to Prime Minister Modi and Finance Minister Nirmala Sitharaman for what he termed a bold and visionary intervention aimed at protecting Indian consumers.

Also Read: Assam has 73% fuel surplus, no need for panic buying: Chief Secretary warns of strict action

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