'Rise in fuel prices only temporary': Petroleum Minister Dharmendra Pradhan allays concern

Union Petroleum Minister Dharmendra Pradhan on Saturday allayed concerns around the rising fuel prices in India calling them a ripple effect of the hike in international fuel prices. Asserting that it was only 'temporary', Pradhan remarked that taxes levied on fuels helped in reviving a nation's economy, especially post the COVID-19 pandemic. 

"Due to rise in international fuel prices, India also had to increase fuel prices but it's temporary, gradually they'll be brought down. Both Centre & State levy taxes on fuels as they're 'resources' that help in reviving the economy, especially post COVID," said Dharmendra Pradhan.

Previously as well, the Minister had explained the unprecedented rise in the rates of petrol and diesel said that the hike in the price of crude oil in global markets was affecting fuel prices in India. "International markets have reduced fuel production and manufacturing countries are producing less fuel to gain more profit. This is also one of the reasons that consumer countries are suffering. We have been appealing to the Organisation for the Petroleum manufacturing Countries (OPEC) to help stop this process. We hope there will be a change," said Pradhan. 

The rising fuel prices had also caused a massive ruckus in the Rajya Sabha and Lok Sabha with the proceedings of the Houses being adjourned amid repeated sloganeering by the Opposition. 

Meanwhile, while addressing an online event to inaugurate oil and gas projects in poll-bound Tamil Nadu last month, Prime Minister Narendra Modi revealed that India imported over 85 per cent of its oil needs in the 2019-20 financial year and nearly 53 per cent of its gas requirement. "Can we be so import-dependent? I don't want to criticise anyone but I want to say (that) had we focussed on this subject earlier, our middle-class would not have been burdened," PM Modi stated.