Union Minister Hardeep Singh Puri has said that petrol prices are the lowest in India as compared to other countries.

Union Petroleum Minister Hardeep Singh Puri has said that in view of the current global situation and international crude oil prices, petrol prices in India are probably the lowest in comparison to other countries.

In the period 2021-2022, the prices of petrol in India have increased by just two percent.

However, there was a huge increase in prices internationally during this period.

Responding to questions during Question Hour on Thursday, he said some states had reduced VAT to bring down the prices of petrol and diesel after the Centre's reduction in excise duty, while some opposition-ruled states had not.

Puri said, "I would like to state that West Bengal, Tamil Nadu, Telangana, Andhra Pradesh, Kerala and Jharkhand have not cut their taxes."

He said that the central government reduced the excise duty twice in November, 2021 and May, 2022 to maintain the price at a reasonable level.

Puri said, “I am happy to inform you that some other states have also reduced VAT. Some states are charging VAT at the rate of Rs 17 and other non-BJP states are charging VAT at the rate of Rs 32. Members were saying that today the price of petrol is Rs.100 per liter at some places and Rs.8-10 cheaper at some places. That is the reason. Today, the important issue is that at a time when globally I am talking about geopolitics. We are facing many uncertainties. Let me give you the example of petrol prices. Petrol prices have gone up by a wide margin internationally. Sometimes 40 per cent or 50 per cent. In India, petrol prices have increased by only two percent during the period 2021 and 2022. Why?"

Hardeep Singh Puri said, "This is because we have reduced our excise duty and we have also urged the states to reduce VAT. Some did, some did not."

He said that the ability to keep prices stable and allow only two per cent increase in the price of petrol was possible because of the oil marketing companies.

They took the loss as good corporate citizens.

However, at the international level, the prices had increased a lot. 

Puri said," I have some figures here, which are saying a lot. OMCs made a profit before tax of Rs 28,360 crore in the first half of the financial year 2021-22. This is a profit before tax of Rs 28,360 crore, it Three companies, namely, IOCL, BPCL and HPCL have reported a combined loss of Rs 27,276 crore in the first half of next year.So, it is a combination of excise duty cut by the central government, when we are going through a very difficult phase. and other expenditure liabilities, and state governments are reducing their VAT."

Union Petroleum Minister, "Today, petrol prices are perhaps the lowest in India. The average price of crude oil in the Indian basket has increased by 102 per cent. It increased from $43.34 to $87.55 between November 2020 and November 2022. It had increased by 102 per cent. The retail price of petrol increased by only 18.95 per cent. Now, how much is this exchange rate variation? It is a question. The government is committed to energy security and affordability."

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