Minister for Petroleum and Natural Gas Hardeep Singh Puri said on Friday that India insulated itself from rising fuel prices and that the hike in prices of petrol and diesel in the country in the last two years has been marginal compared to several large economies and neighbouring nations.

Puri said the increase in petrol prices in India between June 2021 and June 2023 was 2.36%, while the hike in Pakistan, Bangladesh, Sri Lanka, and Nepal during the period was 50.83%, 30.11%, 79.61%, and 42.39%, respectively.

The rise in petrol prices during the period in the US was 30.15%, while the hike in France, Germany, Italy, Spain, the UK, and Canada was 22.67%, 19.08%, 14.68%, 17%, 10.93%, and 24.17%, respectively, he added.

In the case of diesel, the Minister said the increase in India was 4.97%, while the increase in Pakistan was 40.81%, Bangladesh was 50.11%, Sri Lanka was 130.65%, and it was 130.65% in Nepal.

Puri said the hike in diesel prices in the US in that period was 29.31%, while it was 19.47% in France, 17.50% in Germany, 14.57% in Italy, 16.38% in Spain, and 21.20% in Canada.

“India has been able to insulate itself from the rising fuel prices by taking several steps, including a reduction in the excise duty by the Centre,” the Minister added.

Hitting out at the opposition for attacking the government on oil prices, Puri said the states ruled by the opposition are selling petrol and diesel at higher rates compared to those governed by the BJP as they significantly slashed the VAT on the fuel. “The only parts of our political system that talk about high petrol and diesel prices are the ones that have not reduced their VAT (value added tax),” he said.

Asked whether the government would cut the prices of petrol and diesel, Puri said it depends on global crude prices.

The Union Minister further said the discount on Russian crude oil is not as much now as it used to be in the initial period after the Ukraine conflict began.