"PM Modi Urges Indians to Exercise Caution in Petrol and Diesel Usage Amid West Asia Tensions"

Prime Minister Modi Urges Restraint in Petro Product Use Amidst Global Energy Crisis

During an event in Hyderabad, Prime Minister Narendra Modi emphasized the importance of using petrol, diesel, and gas with "great restraint" in light of the ongoing West Asia crisis. He highlighted the significance of reducing dependence on imported petro products to save foreign exchange and mitigate the impact of war on India's economy.

Modi pointed to India's initiatives in solar power, ethanol blending, LPG expansion, and CNG infrastructure as key measures to strengthen energy security. These steps have enabled India to navigate the current global energy crisis effectively.

Additionally, Prime Minister Modi inaugurated and laid the foundation for development projects worth approximately Rs 9,400 crore in Telangana, encompassing highway, railway, and textile infrastructure initiatives.

Reports suggest that government-owned oil marketing companies are facing significant under-recoveries on petrol, diesel, and cooking gas, amounting to about Rs 30,000 crore monthly. With no plans for compensation, sources indicate a potential price hike in the near future.

The effective halt in vessel movements through the Strait of Hormuz has disrupted global energy supplies, leading to soaring prices. India, heavily reliant on oil and gas imports, is feeling the impact of this crisis, with fuel prices not aligned with global benchmarks.

As of now, petrol is priced at Rs 94.77 per litre, diesel at Rs 87.67 per litre, and domestic LPG at Rs 913 per 14.2-kg cylinder in Delhi. Variations in fuel prices exist across states due to variances in state levies.

Indian refiners have incurred additional costs due to emergency crude sourcing and rising shipping and insurance rates, amidst the global energy crisis, further impacting fuel prices and availability.

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