New Delhi, Oct 21 (FN Agency) Amid rising hue and cry over petrol and diesel prices hike, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Thursday suggested one could lower the cost by reducing personal consumption by five per cent each. “When economic growth is accelerating in that kind of scenario, whether the price is Rs 98, 105 or 110 it is not likely to result in dropping of demands. “If you consciously decide for whatever reason that you want to reduce your consumption by five per cent, prices will drop,” Puri said while virtually attending the Public Affairs Forum of India (PAFI) 8th National Forum 2021, after being asked about the rise in prices of fuel. He, however, said that various initiatives are being taken to arrest the fuel price hike.
“We are taking actions, I am reaching out to my counterparts in Saudi Arabia, UAE, Russia and other countries,” said the Union Minister, adding the central and state governments in a spirit of cooperative federalism have to pull all their resources in order to make sure that the prices come under control. He also said India is on her way to becoming a $5 trillion economy by 2024-25 and will be a $10 trillion economy by 2030, and energy will hold the key in the country’s development. In the energy sector, Puri said, ‘We are vigorously ramping up exploration and production. Out of 3.5 million squares of land, we have explored only seven to eight per cent and got notable successes in various parts and where we had difficulties we had spoken to the chief ministers of the concerned state. In the North East two weeks ago, we had announced increase in exploration and production from 30,000 to 60,000 sqkm.’ India’s per capita consumption of energy is one-third of the global average and 85 per cent of our liquid hydrocarbon requirements come from import, he added. On privatisation of Bharat Petroleum Corporation Limited (BPCL), the Minister said, “There are sequential procedures which have to be followed. The process is ongoing.”