India: Union Petroleum Minister Explains Why Petrol, Diesel Costs Are On The Rise
Amid surging fuel prices in India, the Union Petroleum and Natural Gas and Steel Minister Dharmendra Pradhan on February 21 termed "less fuel production by manufacturing countries to gain more profit" as one of the reasons behind the price hike.
The prices of petrol and diesel have been increasingly on the rise with the price of petrol crossing Rs. 100 mark in some states.
"There are two main reasons behind the fuel price rise. The internatio
nal market has reduced fuel production and manufacturing countries are producing less fuel to gain more profit. This is making the consumer countries suffer," Pradhan told ANI during his visit to inspect the venue where Prime Minister Narendra Modi is scheduled to address a rally in Assam's Dhemaji on Monday.
Justifying the taxes levied on petrol and diesel, he said that the Centre and the states are doing various development work in the wake of the COVID-19 pandemic, for which they collect taxes, adding that these development projects generate jobs.
"Another reason is COVID-19. We have to do various development work. For this, Centre and state governments collect the tax. Spending on development work will generate more jobs. Govt has increased its investment and 34 per cent more capital spending will be done in this budget. State governments will also increase spending. This is why we need this tax but there is also the need for balance. I believe the Finance Minister and state governments can find a way," stated the minister.
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