Government Assures No Fuel Price Hike Post-Elections Amid Supply Stability
No plan to raise petrol, diesel prices after polls, govt assures supply
Business StandardImage: Business Standard
The Indian government has confirmed that there are no plans to increase petrol and diesel prices after the state elections. Sujata Sharma, Joint Secretary at the Ministry of Petroleum and Natural Gas, stated that the country has sufficient fuel supply, while measures are being taken to support the textiles and handicraft industry amid supply challenges from West Asia.
- 01No plans to raise petrol and diesel prices after state elections.
- 02India has sufficient fuel stock for domestic needs.
- 03The textiles industry will receive priority allocation of natural gas.
- 04Customs duties on certain inputs for the textiles sector have been removed or deferred.
- 05The government is sourcing supplies from the spot market to address potential shortages.
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The Indian government, through Sujata Sharma (Joint Secretary at the Ministry of Petroleum and Natural Gas), has assured that there are no proposals to increase retail prices of petrol and diesel following the state elections. Currently, the country has adequate stocks of fuel to meet domestic requirements. In light of supply shortages due to the ongoing crisis in West Asia, the government has prioritized natural gas allocation for the textiles and handicraft sectors, allowing them to consume 80% of their total natural gas needs from the past six months. Additionally, the textiles ministry is addressing customs duties on key inputs, including man-made fibres, to support the sector. On April 1, the government had already removed customs duties on multiple products, including those in the man-made fibre sector. The textiles ministry has also proposed the removal or deferment of anti-dumping duties on essential raw materials to mitigate the impact of volatile prices on producers.
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The assurance of stable fuel prices and prioritized gas allocation will help maintain operational stability in the textiles sector, potentially preventing increased costs for consumers.
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