NEW DELHI: Prime Minister Narendra Modi on Wednesday blamed previous incumbents for relying heavily on imports to meet India’s energy demand even as petrol prices, for the first time ever, crossed the Rs 100 per litre mark in Rajasthan on Wednesday.
“Can a diverse and talented nation like ours be so energy import dependent?.. I do not want to criticise anyone, but I want to say (that) had we focused on this subject much earlier, our middle-class would not be burdened,” said Modi while addressing an online event to inaugurate oil and gas projects in Tamil Nadu.
The price of normal petrol crossed the Rs 100 per litre mark in Rajasthan on Wednesday after fuel rates were hiked for the ninth day in a row. Earlier in the week, branded or additive-laced petrol prices had crossed the Rs 100 mark in certain parts of Maharashtra, Madhya Pradesh and Rajasthan.
Without referring to this continues increase, linked focusto a recent rise in international crude prices and record high tax levels, Modi said that India had imported over 85 per cent of its oil needs in the 2019-20 financial year and 53 per cent of its gas requirement. He added that the BJP government is sensitive to the concerns of the middle class and India is looking to cut energy import dependence and diversify its sources to reduce risks.
The sharp increase in fuel prices has attracted criticism for the Modi-led government, with opposition parties blaming the high taxes on fuel. Central and state taxes make up for around 60 per cent of the retail selling price of petrol and over 54 per cent of diesel.
The Centre had hiked excise duty twice in 2020, which was followed by hikes in state Value Added Taxes. Modi also spoke of increasing the share of renewable energy and boosting ethanol mixing levels. “By 2030, 40 per cent of all energy will be generated from green energy sources,” he said.