No fuel price hike despite global crisis: Puri

Surat  | Gujarat —– In a powerful message amid global uncertainty, Union Petroleum Minister Hardeep Singh Puri declared that India has successfully shielded citizens from fuel price hikes despite a massive global energy crisis triggered by conflict and disruption in the Strait of Hormuz. Speaking at the Vibrant Gujarat Regional Conference in Surat, the minister hailed Gujarat as the “energy capital of India” and the nation’s natural gas gateway.

“Sixty days into the disruption, India is standing strong. We have not revised retail petrol and diesel prices and we have not allowed panic to become policy,” Puri said, crediting leadership of Narendra Modi for the government’s strategy to absorb global shocks at the fiscal level.

“Let me be plain: when a global supply chain faces a disruption of 20% to 30% on important routes and products, no country can be insulated from the shock. Freight costs rise, insurance costs rise, cargo is delayed, and every major country is forced to make hard choices. Yet, 60 days into the disruption, India is standing strong. Under the leadership of the prime minister, India has not allowed Indian kitchens to run short. We have not revised retail petrol and diesel prices. We have not allowed panic to become policy,” Puri said.

He further stated, “For the last four years, despite volatility in global crude and product markets, Indian consumers have been shielded at the retail pump. For 60 days during this crisis, while crude import costs rose sharply and the region faced severe disruption, that shielding has continued.”

This stands in stark contrast to other global economies; for instance, fuel prices rose by 99.8% in Germany, while petrol prices increased by over 35% in neighbouring island nations.

Highlighting global contrasts, Puri noted that fuel prices surged sharply in countries like Germany while India maintained stability. To secure supplies, India expanded crude sourcing from 27 to 41 countries and boosted domestic LPG production by 60%. The government prioritised household LPG supply to ensure uninterrupted access for 330 million homes.

Puri emphasised Gujarat’s strategic importance, noting the state refines 40% of India’s crude and hosts the nation’s largest LNG receiving capacity. “The next chapter of India’s energy value chain will be written in South Gujarat,” he said, inviting global investors to join India’s rapidly expanding energy ecosystem.