OIL & GAS

Revenue from petroleum sector important for growth plans: Govt

The government has justified high level of taxation on auto fuels suggesting that revenue from petroleum sector is important for running various developmental schemes but has refused to acknowledge the role played by higher prices of petrol and diesel in fuelling inflationary pressure on the economy.

Replying to a question on impact of rising fuel prices on country’s economic recovery from the Covid-19 pandemic in the Lok Sabha, minister of petroleum and natural gas Hardeep Singh Puri said that revenue generated by taxation (on petroleum products) is used in developmental schemes of the government like Pradhan Mantri Gram Sadak Yojana (PMGSY), Pradhan Mantri Ujjawala Yojana (PMUY), Ayushman Bharat, Pradhan Mantri Garib Kalyan Yojana (PMGKY) and also to provide relief to the poor during the pandemic by schemes like Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) under which free ration was given to 80 crore beneficiaries during April, 2020 to November 2020 and May-June 2021, free vaccination against Covid-19 etc.

He said over the past 7 years, length of National Highways has gone up by 50% from 91,287 km (as of April 2014) to 1,37,625 km (as on 20 March 2021).

Source
ET Energy World
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