New Delhi:
Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri said that India has shown great resilience in facing the global energy crisis, adding that the government’s measures to try and reduce volatility served the purpose.
Speaking about fuel prices at a media event, Minister Puri said that the prices in India have been controlled as compared to the rapid increase in developed countries. Most developed countries have seen significant inflationary increases in petrol prices – an increase of around 40 percent from July 2021 to August 2022.
Petrol prices in India have been reduced by 2.12 percent.
The gas prices of all the major trading centers have seen a huge increase during this period.
“Henry Hub in USA has seen an increase of 140 per cent. The JKM marker has seen an increase of about 257 per cent and in the UK, NBP has increased by 281 per cent. While the prices of CNG and PNG in India have increased by only 71 per cent. percentage,” his ministry said in a statement.
On the LPG front too, in the last 24 months, the price of Saudi CP – which is India’s import benchmark – has increased by about 303 per cent. During the same period, LPG prices in India increased by less than a tenth of that figure – 28 per cent.
They reaffirmed India’s move towards a ‘Gas Based Economy’ by connecting Indian consumers through city gas distribution, increasing regasification capacity, expanding pipeline network and setting up CNG stations.
In addition, he underlined the achievement of 10 per cent blending of ethanol in petrol in May 2022, setting up of 2G refineries for making ethanol and several other initiatives before the November 2022 deadline, which symbolizes the government’s resolve. Is. energy transition.
“The Green Hydrogen Mission, under which the ministry is facilitating setting up of green hydrogen manufacturing plants on pilot scale and commercial scale by refineries, is a part of this commitment,” the statement said.
Also, the importance of various social welfare schemes like Pradhan Mantri Ujjwala Yojana and its role in ending energy poverty helped.
During the event, Minister Puri also unveiled the logo for India Energy Week (IEW) 2023, the flagship event of the Ministry to be held in Bengaluru from February 6-8, 2023.
This will be a flagship program of the ministry, and will also be the first major energy program after India took over the G20 Presidency.
The event is expected to provide an unprecedented opportunity for regional and international leaders and CEOs to collaborate on energy justice and strategic policy and technical knowledge sharing for the energy transition.
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