Due to the crisis in the Middle East, there is an outcry around the world regarding oil. Union Petroleum Minister Hardeep Puri has given information by posting on X regarding the increase in oil prices. He said that in the last one month, international crude oil prices have skyrocketed, increasing from about $70 per barrel to about $122 per barrel. Due to this, the prices of petrol and diesel have increased for consumers across the world. Prices have increased by about 30%-50% in South-East Asian countries, 30% in North American countries, 20% in Europe and 50% in African countries.
Hardeep Puri said that the Modi government had two options: either drastically increase the prices for the citizens of India like all other countries or bear the burden on its finances so that the Indian citizens are protected from international instability. He further said that the Prime Minister, fulfilling the commitment of his government for the last 4 years since the beginning of the Russia-Ukraine conflict, has once again decided to bear the burden of financial condition for the safety of Indian citizens.
The global situation remains in flux, and we are closely monitoring developments across energy, supply chains, and essential commodities on a real-time basis.
Under the leadership of Hon’ble PM @narendramodi Ji, all necessary steps are being taken to ensure uninterrupted…
— Hardeep Singh Puri (@HardeepSPuri) March 27, 2026
‘Government made huge cut in its revenue’
The Union Minister said that in this era of skyrocketing prices of petrol and diesel at the international level, oil companies are incurring huge losses. (About Rs 24 per liter on petrol and Rs 30 per liter on diesel) To reduce this, the government has made a huge cut in its revenue. Besides, due to huge increase in the international prices of petrol and diesel, export tax has also been imposed and any refinery exporting to foreign countries will have to pay export tax.
What was said about lockdown (Lockdown in India)
Hardeep Puri further said that the global situation still remains uncertain and we are continuously monitoring the situation related to energy, supply chain and essential commodities. Under the leadership of the Prime Minister, the government is ensuring that the supply of fuel, energy and other essential commodities in the country continues without any interruption. We are fully prepared to deal with every possible challenge.
The Union Minister said that India has shown its strength in the past also amidst global uncertainties and in future too we will continue to take steps in a timely, proactive and coordinated manner. The rumors spreading regarding lockdown are completely wrong. I want to clarify that no such proposal is under consideration at the government level. In such times, it is important that we all remain calm, responsible and united. In such a situation, spreading rumors and creating an atmosphere of unnecessary fear is irresponsible and harmful.
read this also
Petrol Diesel Excise Duty: Government has made petrol and diesel cheaper! Excise duty reduced, know how much the price will reduce per liter
