ABP Exclusive: Hardeep Puri Addresses Petrol Price Concerns Amid Strait Of Hormuz Disruptions

ABP Exclusive: Hardeep Puri says petrol and diesel prices have remained stable since 2022 despite global conflicts and oil shocks.

The minister credited the stability in fuel prices to repeated reductions in central excise duty by the Narendra Modi government.

Source : India Energy Week 2025

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Key points generated by AI, verified by newsroom

• Minister Hardeep Puri reassured about India's stable fuel prices.
• Fuel prices remain unchanged since February 2022 despite global crises.
• Government tax cuts ensured price stability despite rising international costs.

As tensions continue to rise in West Asia amid the ongoing conflict involving the US, Israel and Iran, concerns over global energy supplies and fuel prices have intensified. In an exclusive interview with ABP's Political Editor Megha Prasad, Union Petroleum and Natural Gas Minister Hardeep Singh Puri sought to reassure consumers, highlighting India's fuel pricing record despite multiple global crises. He also spoke about the country's energy preparedness, saying India has maintained adequate crude oil reserves even as disruptions in key shipping routes continue to impact international markets.

No Fuel Price Hike Since 2022

Addressing concerns over rising fuel costs, Puri said the last increase in petrol and diesel prices took place in February 2022. Since then, India has navigated several major geopolitical crises without passing significant additional costs on to consumers.

He pointed out that the period has witnessed major global conflicts, including the Russia-Ukraine war and the ongoing hostilities involving the US, Israel and Iran. The latest conflict has also raised concerns over shipping through the Strait of Hormuz, one of the world's most critical energy corridors.

Despite these developments, Puri said fuel prices for Indian consumers have remained largely stable, reflecting the government's efforts to shield households from global market volatility.

PM Modi's Tax Relief Measures

The minister credited the stability in fuel prices to repeated reductions in central excise duty by the Narendra Modi government. According to Puri, the Centre cut excise duty three times to ease the burden on consumers.

The first reduction came in November 2021, followed by another in May 2022. A third cut was implemented recently, he said, helping offset the impact of rising international energy costs.

Puri also claimed that, apart from Japan, India remains among the few major economies where fuel and LPG price increases for consumers have been relatively limited despite prolonged global uncertainty.

The minister's remarks come at a time when energy security has become a key concern worldwide, with governments closely monitoring developments in West Asia and their potential impact on crude oil supplies. He maintained that India remains well-positioned to manage current challenges while ensuring adequate fuel availability for domestic consumers.