Ready to take more steps to curb fuel prices: Hardeep Puri

New Delhi, Mar 14: Petroleum and Natural Gas Minister Hardeep Singh on Monday assured that the government is ready to take more steps to curb petrol, diesel prices.

Speaking in the Rajya Sabha, Puri said "I have the comparative data for the USA, Canada, Germany, UK, France, Spain, Sri Lanka & India. In all those countries, the price of petrol during this representative period has gone up by 50%, 55%, 58%, 55%. In India, it has gone up only by 5%: Petroleum and Natural Gas HS Puri.

"When we saw that relief needs to be provided to consumers, PM slashed rates on 5th Nov 2021. We took some steps and ready to take more...9 states didn't do it. Taxation is only one aspect, we've to provide relief to consumers at point of consumption," he added.

In the international markets, on escalating tensions, oil prices have again moved higher with Brent crude at $112 per barrel. However, fuel prices in India since the completion of assembly elections have held steady and are expected to rise soon.

The government, considering the larger interest of consumers and OMCs is expected to reduce taxes on fuel by a margin. As per reports, OMCs which till now absorbed the cost will begin to hike fuel rates next week.

Fuel rates in the country have remained constant for the longest run in the run up to elections in the country.Now with the international crude prices gaining amid geo-political tensions, the prospect of Indian basket of crude averaging more than $100 per barrel for a long period looms large.