New Delhi: Against the backdrop of rising oil costs, Union Minister Hardeep Singh Puri said on Monday that the government will take all necessary steps in the coming months to provide relief to consumers. During Question Hour in the Rajya Sabha, the Minister of Petroleum and Natural Gas also revealed that the GST Council considered a proposal to include petroleum goods under the GST, but it "did not find favour." India buys nearly 85% of its oil from other countries, making it one of the most vulnerable countries in Asia to rising oil costs.
Puri was responding to a question from senior Congressman Anand Sharma, who stated that the government and opposition had agreed that petroleum products would be placed under GST at the time of its implementation, and asked what progress had been achieved in this regard. "States that earn a lot of money from the sale of gasoline and petroleum products, and, if I may add, liquor, are usually hesitant to cut back on these two streams of revenue," stated the Petroleum Minister. Puri stated that "in the coming months, the government would take whatever measures are necessary to ensure that our consumers receive assistance to the extent that we can."
Oil prices have risen from USD 19.56 cents a barrel to USD 130 a barrel at one point, according to the minister, and are now hanging at USD 109 a barrel. The minister appears to be referring to the continuing Russia-Ukraine crisis.
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