Petrol and diesel prices have surged by INR 2.40 per litre in three days since March 22nd, after being frozen since November 2021 ahead of the assembly elections in 5 Indian states. While speaking at an ABP Network event – Ideas of India summit in Mumbai – the Union Minster for Transport and Highways Mr. Nitin Gadkari attributed the rise in fuel prices to the ongoing Russia-Ukraine war. He said that it was out of control of the government.
In India, 80 per cent 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.”Mr. Nitin Gadkari
The minster also said that there is a need for India to be self reliant when it comes to fuels and stressed on development of indigenous capabilities for energy generation. He said, “India will soon have a ₹ 40,000 crore ethanol, methanol and bio-ethanol production economy, reducing our dependence on petroleum imports.”
There have been recent reports about flexi-fuel automobiles being developed in India which will take advantage of green fuels and electricity. He highlighted India’s manufacturing capabilities in terms of batteries and green hydrogen technology by saying, “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.”