India insulated itself from rising fuel prices; enhancing refining capability: Oil Minister Puri

economictimes.indiatimes.com:

India maintained «affordability» of petroleum products notwithstanding disruptions in the global energy markets and the hike in prices of petrol and diesel in the last two years has been marginal compared to several large economies and neighbouring nations, Oil Minister Hardeep Singh Puri said on Friday. In an interaction with a group of reporters, he also slammed the opposition for attacking the government on oil prices saying the states ruled by it are selling petrol and diesel at higher rates compared to those governed by the BJP which significantly cut the VAT on petroleum products to bring down the rates.

The oil minister also said that India is in the process of expanding its oil refining capabilities. India is already the world's fourth largest refining hub and we are going to end up as the second largest refining place, Puri said while highlighting the Modi government's success in areas of trade and foreign policy.

«PM Modi's governance is transforming our foreign policy, trade policy, energy policy,» he said. Asked whether the government plans to slash the petroleum prices as it is procuring crude from Russia at a discounted rate for over one year, Puri did not give a direct reply and said the discount is not that much now.

At the same time he highlighted how the government managed to keep the oil prices under affordable range besides enhancing the country's refining capability. Even during the most volatile period in the energy markets, Prime Minister Modi ensured «availability, affordability and sustainability» of fuel by reducing central excise twice, he said.