NEW DELHI: Union Minister Hardeep Singh Puri addressed the pressing issue of rising fuel prices, stating that Prime Minister Narendra Modi personally oversaw the situation and took action on two occasions - November 2021 and May 2022 - by significantly reducing the central excise on petrol and diesel.

The PM personally monitored the situation and, on two occasions - Nov 2021 and May 2022 - he significantly reduced the central excise on petrol and diesel. Following suit, BJP-ruled states promptly reduced VAT. The only parts of our political system that mention high fuel prices are the ones that have not reduced VAT."

Meanwhile, the Union Government is gearing up to acquire a substantial stake in Hindustan Petroleum Corporation Ltd (HPCL) to provide financial assistance to fuel retailers who incurred losses last year due to selling petrol and diesel at discounted rates

This development follows the government's directive to fuel retailers like IOC and BPCL to launch rights issues. HPCL, on the other hand, has been advised to carry out a preferential share allotment to the government.

Earlier, on July 5, Union Minister for Road Transport and Highways, Nitin Gadkari, asserted that blending 60% ethanol and 40% electricity would result in petrol being available at the rate of Rs.15 per litre, benefiting the public. While addressing the audience in Pratapgarh, Rajasthan, Gadkari emphasized, "If we adopt an average of 60% ethanol and 40% electricity, petrol will be available at Rs.15 per litre, resulting in reduced pollution and imports. The Rs.16 Lakh Crores spent on imports will now go directly to the homes of farmers."
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