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Several measures taken to control crude oil volatility: Puri

Puri, who was speaking at a programme called the ‘Open House with the Union Minister of Petroleum and Natural Gas, and Housing and Urban Affairs’ here, said India has demonstrated a great deal of resilience in the face of global energy crisis.

Nikhil Vyas | New Delhi |

Union Minister of Petroleum and Natural Gas, and Housing and Urban Affairs Hardeep Singh Puri on Friday said that the fuel price rise in India has been contained in comparison to the developed countries where the increase is exponential.

Puri, who was speaking at a programme called the ‘Open House with the Union Minister of Petroleum and Natural Gas, and Housing and Urban Affairs’ here, said India has demonstrated a great deal of resilience in the face of global energy crisis.

“The Government of India has taken several measures to minimize and mitigate the volatility of global crude oil and gas prices,” he said, adding that most of the developed nations have witnessed significant inflation due to rise in gasoline price by almost 40 per cent during July 21 to August 22, while in India, the gasoline price has reduced by 2.12 per cent.

Talking about the ‘India Energy Week-2023,’ the Union Minister said that the event would provide an unprecedented opportunity for regional and international leaders and CEOs to come together for strategic policy and technical knowledge sharing for energy justice and energy transitions.

‘The Open House’ programme also highlighted the Ministry’s various initiatives in attracting more exploration and production (E&P) players to increase exploration acreages in India and drive self-reliance in the energy sector. It also highlighted other vital areas like energy transition, gas-based economy, and new energy initiatives like biofuels, hydrogen, etc.

Earlier, during the programme, there was a digital launching of the logo of India Energy Week- 2023 by the Minister. The event will be held from 6-8 February 2023 in Bengaluru.

The inaugural edition of the event will exhibit India’s energy ambitions, showcasing it as a global powerhouse for energy transition and a hub that brings together the international energy industry.

A total of 1,000 exhibitors from over 50 countries will participate in the exhibition during the India Energy Week that will host national pavilion representations from 15 countries.