No investment in Petroleum sector in 2 yrs caused hike in fuel prices

Union Minister Dharmendra Pradhan who has previously served as Minister of Petroleum and Natural Gas, on Saturday asserted that there has been almost no investment in the petroleum sector for almost two years due to the COVID-19 pandemic which led to the increase in fuel prices.

Speaking to the media in Kanpur, BJP Uttar Pradesh's election in charge said, "India imports around 80 per cent petroleum products. There has been no investment in the petroleum sector for past two years due to COVID-19 pandemic which caused increase in fuel prices."

He further said, "the cost of imports has also been increased, so the Government of India is trying to bring more plans for the use of renewable energy."

As per official data, Petrol prices in Delhi stand at Rs 109.69 per litre (up by Rs 0.35) and diesel prices are Rs 98.42 per litre (up by Rs 0.35) today.

Meanwhile, petrol and diesel prices in Mumbai stand at Rs 115.50 and Rs 106.62 respectively, while petrol and diesel prices in Kolkata are Rs 110.15 and Rs 101.56 respectively.

In Chennai, petrol prices are Rs 106.35 and diesel prices are Rs 102.59 on Monday.

Apart from talking about fuel prices, the minister also asserted that there is no shortage of Diammonium phosphate (DAP) and other fertilisers in Uttar Pradesh.

"There's no shortage of DAP (di-ammonium phosphate), the situation had arisen temporarily. Yesterday I spoke with Chemicals and Fertilizers Min Mansukh Mandaviya," said Pradhan.

The developments in the state come ahead of Assembly polls due to be held early next year.