Oil minister gives two main reasons for fuel price hikes

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“Another reason is COVID. We have to do various development work,” Dharmendra Pradhan said.

Dhemaji, Assam:

Amid soaring fuel prices in the country, Union Minister of Petroleum and Natural Gas and Steel Dharmendra Pradhan on Sunday called “less fuel production by manufacturing countries to win more profits “as one of the reasons for the price increase.

“There are two main reasons behind the rise in the price of fuel. The international market has reduced fuel production and manufacturing countries produce less fuel to gain more profit. This hurts consuming countries,” said Mr. Pradhan to ANI during his visit to inspect the location where Prime Minister Narendra Modi is scheduled to speak on Monday in Dhemaji, Assam.

He added: “We have repeatedly urged the Organization of the Petroleum Exporting Countries (OPEC) and OPEC plus countries not to make this happen. We hope there will be a change. “

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The prices of gasoline and diesel continuously increase for more than 10 days and in some states the price of gasoline has even crossed Rs 100 in some states.

Justifying the taxes levied on gasoline and diesel, he said the center and states are carrying out various development work in the wake of the COVID-19 pandemic, for which they are collecting taxes, adding that these development projects generate jobs.

“COVID is another reason. We have to do various development work. For this, central and state governments collect the tax. Spending on development work will generate more jobs. The government has increased its investment and 34% more capital spending will be made in This budget. State governments will also increase spending. That’s why we need this tax, but there is also a need for balance. I think the minister of Finance and state governments can find a way, ”the minister said.

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Amid an outcry over record gasoline and diesel prices, Union Finance Minister Nirmala Sitharaman said on Saturday that central and state governments will have to jointly work out a mechanism to bring back the retail prices at reasonable levels.

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Prime Minister Narendra Modi is scheduled to inaugurate the INDMAX unit of Indian Oil’s Bongaigaon refinery, Oil India Limited’s secondary tank farm in Madhuban, Dibrugarh and a gas compressor station in Hebeda village, Makum, Tinsukia on Monday .

“Tomorrow the Prime Minister will dedicate projects worth Rs 3,400 crore. We have donated 60 lakh of gas connections in the northeastern states under the Ujjwala project, of which 45 lakh are provided in Assam itself. We have to transport LPG from outside the northeast and now, after the expansion of the Bongaigaon refinery, we will be able to meet the demand for LPG from the Bongaigaon refinery itself. same, ”Mr. Pradhan said.

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He further stated: “Over the past 6 years, the Ministry of Petroleum has invested around Rs 95,000 crore on various projects which are about to be completed. We will make Assam and the North-East self-sufficient in energy. We are also increasing the capacity of Numaligarh Refinery Limited, Oil and Natural Gas Corporation is increasing its oil production in Assam, we have made the BCPL operational. These measures will provide jobs for the state’s youth. “

Mr Pradhan also said that apart from central government plans, Prime Minister Narendra Modi will also inaugurate Dhemaji Engineering College and lay the foundation stone for Sualkuchi Engineering College.

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