PM Modi blames previous governments for petrol rise
On Wednesday, as the petrol prices spiked over Rs 100, Prime Minister Narendra Modi accused previous governments for pioneering petrol prices. Highlighting the negligence of his predecessors towards energy import dependence, he blamed them for the miseries and burdens over the middle class, PTI reported. The PM posed the question while addressing an online event to inaugurate oil and gas projects in poll-bound Tamil Nadu, "For a diverse and skillful nation like ours, is energy import dependence acceptable?". He didn't want to blame anyone but added, "If stress on this regard had been given earlier, our middle class would have been more empowered."
Petrol and diesel prices persist to reach high record levels on Wednesday as oil manufacturing companies surged fuel prices for the ninth consecutive days. Petrol prices soared to Rs 100.13 per litre while diesel reached to Rs 92.13 a litre in Rajasthan's Sri Ganganagar town. In parts of Rajasthan and Madhya Pradesh petrol with additives have peaked to a value of Rs 100.
Opposition parties have blatantly alleged Modi Government for exorbitant fuel prices by raising taxes to scoop out the benefit repeated from international oil rates plunging to a two-decade low in April and May. Although the global prices have rebounded to pick up in demand, the government hasn't reinstated the taxes which are record high. The BloombergQuint dictates that the prime reason for costlier petrol is high taxes which accounts for 55-60% of the total amount paid at petrol pumps. Over the year, petrol and diesel prices increased by Rs 17.35 and Rs 15 a litre. PM Modi claimed their attention over issues of the middle class because of which India is laying focus on ethanol for farmers and consumers. He said, "Ethanol extracted from sugarcane is added in petrol to reduce the need for imports. As of now 8.5% of petrol is ethanol and by 2025 it will be raised to 20%, which will not only curb down imports but provide additional income to farmers.
PM Modi declared that the government is paying attention on utilising renewable energy and by 2030, 40% of all energy will be generated from green sources. India is putting efforts to reduce energy import dependence. "In 2019-20, we ranked at fourth spot in the world in oil refining capacity. About 65.2 million tonnes of petrol have been exported and is expected to rise further," he said. PM Modi affirmed that energy independence is the key for economic building.
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