New Delhi: Union Petroleum and Natural Gas Minister Hardeep Singh Puri has drawn a lot of praise for assuring that the latest hike in gasoline and diesel excise duty will not burden disproportionately on customers, the government claimed.
Puri addressed media persons in the capital city on Monday after the Finance Ministry opted to raise the excise duty on both fuels by Rs 2 per litre.
He further guaranteed that there would not be any effect on retail gasoline prices since oil marketing companies (OMCs) are already selling inventories of earlier crude purchases made at relatively lower prices.
Meanwhile, the government in the center stated that this measured move, which is considered responsible and consumer-centric, is made at a time when domestic expenses are still being driven by volatility in the global economy.
It also stated that industry quarters and social media circles have been applauding Puri’s move to prevent the extra excise levy from spurring increased pump prices.
The minister asserts that the government’s approach demonstrates a cautious balancing act between consumer protection and the financial stability of energy companies. He hinted at the possibility of future price reductions if global trends remain favorable, considering that crude oil prices have stabilized at around $60 per barrel.
The Modi cabinet’s petroleum and gas minister also emphasised the government’s larger emphasis on preserving price stability and protecting citizens from the swings in the world’s oil markets.
He clarified that although the increase in excise tax is intended to increase government revenue, especially given the current budgetary climate, it was imperative to make sure that the public would not experience immediate hardship as a result.
The action, as observed, amounts to a precarious balancing act between the Centre’s budgetary goals and the real-world situation confronting Indian consumers. Puri’s assurance has assuaged fear of inflationary pressures caused by gasoline prices because the coming fiscal quarter is expected to see rising demand for petroleum, especially in the transport and agri sectors.
Mainstream media and social media have reacted positively to the minister’s active communication and consumer-oriented policy stance. Many users have noted that in global energy policy, this type of responsiveness in response to a potential price shock has become less typical.
Puri’s latest move is being seen as a reassuring sign that the government is still mindful of the concerns of the common man, even while it makes key fiscal reforms, as the Center continues to ride turbulent economic waves.