Hardeep Singh Puri, who continues as the Petroleum and Natural Gas Minister in Narendra Modi’s third term, stated that India is the only country in the world where petrol and diesel prices have actually decreased over the last three years.
Speaking at the India News event organised by The Sunday Guardian Foundation, he said there are certain actions that the Government of India can take, and I believe the Honourable Prime Minister has demonstrated this. On two occasions, in November 2021 and May 2022, he reduced the central excise rate, which lowered the price of petrol and diesel by 13 and 6 rupees, respectively. BJP-ruled states also reduced their VAT, creating a price differential of about 10 rupees per litre between BJP and non-BJP states. This difference is significant, especially for those with larger cars, which can hold 35 to 45 litres of fuel, resulting in considerable extra costs. Despite these efforts, I frequently face political criticism with questions about when petrol prices will increase or decrease.
Gas prices will decrease. Looking at the global situation, two key factors are at play. First, our production of natural gas, which is different from cylinder gas made from crude oil in refineries, is increasing by about 18% annually. Natural gas is imported, liquefied, regasified, and delivered via pipelines, and it is generally 20–25% cheaper than cylinder gas. Second, the global outlook for 2025-2026 suggests an increase in gas availability. We are also signing long-term contracts. Currently, we import about 50% or less of our natural gas but 85% of our crude oil due to past neglect in the sector.
Addressing opposition leaders’ claims that they silenced the Prime Minister in Parliament, he said, “I know the Honourable Prime Minister. I’ve been part of his team for seven years, but I don’t often speak about it. I’ve known him even before that. Firstly, the way his mind is wired, he can’t be pressured. As for silencing him, that’s out of the question. Anyone who thinks they can silence the Prime Minister is mistaken. A conversation, by definition, is a two-way process.”
While discussing Punjab, he mentioned that it will recover. He said, “I am a very proud Punjabi. Until the 80s, Punjab ranked among the top states in the country in terms of development and contribution. A small population made significant contributions to the military and agriculture. However, now we are ranked 22nd. Despite this, I remain hopeful for Punjab’s future.”