Fuel prices surging due to Ukraine war: Nitin Gadkari

Mumbai: Fuel prices are surging because of supply chain disruptions due to the Russia-Ukraine war which was beyond the Indian government's control, Union Minister Nitin Gadkari on Friday said.

Justifying the hikes in fuel prices, thrice in the last four days, Mr Gadjari was peaking at a session titled "New India, New Manifesto-Sab Ka Saath, Sab Ka Vikas," at the ABP Network's inaugural 'Ídeas of India' summit.

The Minister for Road Transport and Highways, also said "Sometimes, Hindutva is projected in a wrong way." "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," he said when asked about the high petrol and diesel prices and how the government was planning to the issue.

The minister said that he has been making a pitch for making India self-reliant since 2004, "with which, we need to make our own fuel," while laying stress on the need for developing indigenous energy generation capabilities.

Petrol and diesel prices were hiked by 80 paise a litre each on Friday, the third increase in four days, as oil firms recoup losses from holding rates during the period prior to the recently-concluded assembly elections.

These hikes are the steepest single-day rise since the daily price revision began in June 2017.

With three increases beginning March 22, petrol and diesel prices have gone up by ₹ 2.40 a litre.

A record 137-day hiatus in rate revision ended on March 22 with an 80 paise per litre increase in rates, and similar hikes have followed in the subsequent days.

The prices had been on a freeze since November 4 ahead of the assembly elections in five states -- a period during which the cost of crude oil soared by USD 30 per barrel.

"India will soon have a ₹ 40,000 crore ethanol, methanol and bio-ethanol production economy, reducing our dependence on petroleum imports," he said.