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Business News/ News / India/  Russia-Ukraine war: What Nitin Gadkari said about hikes in fuel prices
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Russia-Ukraine war: What Nitin Gadkari said about hikes in fuel prices

Amid the ongoing war between Russia and Ukraine, the oil prices have spiraled up within international markets, Union Minister Nitin Gadkari said

Petrol and diesel prices were hiked by 80 paise a litre each on Friday, the third increase in four days, as oil firms recoup losses from holding rates during the period prior to the recently-concluded assembly elections. (HT_PRINT)Premium
Petrol and diesel prices were hiked by 80 paise a litre each on Friday, the third increase in four days, as oil firms recoup losses from holding rates during the period prior to the recently-concluded assembly elections. (HT_PRINT)

Union Minister Nitin Gadkari on Friday justified the hikes in fuel prices, thrice in the last four days, saying that the oil prices had gone up within the international market owing to the ongoing war between Russia and Ukraine, which was beyond the Indian government’s control, according to news agency PTI report.

While speaking at a session titled “New India, New Manifesto-Sab Ka Saath, Sab Ka Vikas," at the ABP Network’s inaugural ‘Ídeas of India’ summit here on Friday, Gadkari, Minister for Road Transport and Highways, also said that, “Sometimes, Hindutva is projected in a wrong way."

He further explained that in India, 80% of the oil is imported. Amid the ongoing war between Russia and Ukraine, the oil prices have spiralled up within international markets and we can not do anything about that," he said when asked about the high petrol and diesel prices and how the government was planning to the issue.

The minister said that he has been making a pitch for making India self-reliant since 2004, “with which, we need to make our own fuel," while laying stress on the need for developing indigenous energy generation capabilities.

Petrol and diesel prices were hiked by 80 paise a litre each on Friday, the third increase in four days, as oil firms recoup losses from holding rates during the period prior to the recently-concluded assembly elections.

These hikes are the steepest single-day rise since the daily price revision began in June 2017. With three increases beginning March 22, petrol and diesel prices have gone up by 2.40 a litre.

A record 137-day hiatus in rate revision ended on March 22 with an 80 paise per litre increase in rates, and similar hikes have followed in the subsequent days. The prices had been on a freeze since November 4 ahead of the assembly elections in five states -- a period during which the cost of crude oil soared by USD 30 per barrel.

“India will soon have a 40,000 crore ethanol, methanol and bio-ethanol production economy, reducing our dependence on petroleum imports," he said.

Leading car and two-wheeler manufacturers in India are working on developing products with flex-fuel engines which will be launched in the coming months, he mentioned.

Highlighting the manufacturing capabilities of India in developing battery and green hydrogen technology, he said, “The prices of IC (internal combustion) engines and electric vehicles will be on par in India in the next two years. We are working on developing green hydrogen production indigenously in the country by harnessing it from sources like sewage water and biomass."

(With inputs from agencies)

 

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Published: 26 Mar 2022, 06:14 AM IST
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