Piyush Goyal Defends Modest Fuel Price Hike Amid Global Tensions
Fuel Price Hike Modest, Doesn't Cause Stress To People: Piyush Goyal
News 18
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Union Commerce Minister Piyush Goyal stated that the recent ₹3 (approximately $0.04 USD) increase in petrol and diesel prices in India is modest and does not significantly burden the public. He also discussed ongoing negotiations regarding the India-US trade agreement and the resilience of Indian exports despite global challenges.
- 01The recent petrol and diesel price hike was limited to ₹3 per litre (roughly $0.04 USD), contrary to predictions of a ₹15 increase.
- 02Goyal emphasized the importance of PM Modi's leadership in keeping the price hike modest.
- 03Negotiations for the India-US trade agreement are being recalibrated due to recent global developments.
- 04Discussions are ongoing to resolve issues related to American investigations under Section 301.
- 05Despite global uncertainties, Indian exports have shown strong double-digit growth in April.
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Union Commerce Minister Piyush Goyal defended the recent ₹3 (approximately $0.04 USD) increase in petrol and diesel prices, stating it is modest and does not impose significant stress on the public. In an interview with CNN-News 18, he remarked that the hike was much lower than the anticipated ₹15 increase, crediting Prime Minister Narendra Modi's leadership for this outcome. Goyal also addressed the ongoing negotiations for the India-US trade agreement, noting that recent global developments necessitated adjustments to the deal, which was previously finalized. He assured that India is working towards better market access in the United States. Additionally, he mentioned that discussions are underway to resolve issues related to American investigations under Section 301, which concerns trade practices. Despite challenges such as US tariffs and geopolitical tensions in West Asia, Goyal highlighted that Indian exporters continue to perform strongly, with exports showing double-digit growth in April. This resilience reflects India's adaptability in the face of global uncertainties.
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The modest fuel price hike means consumers are unlikely to see significant changes in their monthly expenses, helping maintain economic stability.
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