Hardeep Singh Puri, Minister for Petroleum and Natural Gas said that India managed to minimize and mitigate the volatility of global crude oil and gas prices after several policy measures were put in place by the government.

Most developed nations have witnessed inflation rise in energy prices by almost 40 per cent between July and August while in India, gasoline prices have reduced by 2.12 per cent, the minister said.

An official statement said that Henry Hub of USA has seen an increase of 140 per cent, JKM Marker has seen an increase of almost 257 per cent and the UK, NBP has increased by 281 per cent. However, in India CNG and PNG prices have increased by only 71 per cent.

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Puri, who also unveiled the logo for India Energy Week (IEW) 2023, also noted that the significance of the various social welfare schemes like the Prime Minister Ujjwala Yojna and its role in ending energy poverty, ensuring social upliftment and as a catalyst of social change cannot be emphasized enough.

The IEW, the ministry’s flagship event, will take place between February 6 and 8 next year in Bengaluru.

The IEW will be the first major energy event after India takes over G20 Presidency. The event will provide an unprecedented opportunity for regional and international leaders and CEOs to come together for strategic policy and technical knowledge sharing for energy justice and energy transitions, the minister said.