New Delhi:
India has shown great resilience in the face of the global energy crisis, Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri, said, adding that the government’s measures to minimize and reduce volatility served the purpose.
Speaking about fuel prices at a media event, Minister Puri said prices in India have remained subdued compared to an exponential rise in developed countries. Most developed countries have witnessed a significant increase in gasoline price inflation – an increase of nearly 40 percent from July 2021 to August 2022.
In India, petrol prices have been cut by 2.12 percent.
The gas price of all major trading hubs has soared over the period.
“Henry Hub from the US has seen a rise of 140 percent. JKM Marker has seen a rise of almost 257 percent and the UK, NBP is up 281%. While in India, CNG and PNG prices have only increased by 71 percent,” his ministry said in a statement.
Even on LPG, the price of the Saudi CP – which is India’s import benchmark – has risen nearly 303% in the past 24 months. Over the same period, the LPG price in India rose by less than a tenth of that figure – 28 percent.
He reaffirmed India’s move towards a ‘gas-based economy’ by connecting Indian consumers through city gas distribution, increasing regasification capacity, expanding pipeline networks and setting up CNG stations.
He further outlined achieving 10 percent blending of ethanol into gasoline by May 2022, before the November 2022 deadline, setting up 2G refineries to make ethanol, and a host of other initiatives is a symbol of the government’s determination. about energy transitions.
“The Green Hydrogen Mission, through which the ministry facilitates pilot-scale and commercial-scale refinery-scale green hydrogen plants, is part of this commitment,” the statement said.
Also, the importance of the various social security schemes such as Prime Minister Ujjwala Yojna and his role in ending energy poverty helped.
During the event, Minister Puri also unveiled the logo for India Energy Week (IEW) 2023, the ministry’s flagship event to be held from 6-8 February 2023 in Bengaluru.
It would be the ministry’s flagship event, as well as the first major energy event once India takes over the G20 presidency.
The event is expected to provide an unprecedented opportunity for regional and international leaders and CEOs to collaborate on strategic policy and technical knowledge exchange for energy justice and energy transitions.
(Except for the headline, this story has not been edited by DailyExpertNews staff and has been published from a syndicated feed.)