Hardeep Singh Puri, the Union Minister for Petroleum and Natural Gas, on Saturday reitered the government’s commitment to compensating for losses incurred by Oil Marketing Companies (OMCs) and said this does not require a separate budgetary provision.Puri explained that his ministry can seek funds from the finance ministry when required and said oil manufacturers have previously received ₹22,000 crore after they faced under-recoveries to the tune of ₹28,000 crore. The minister explained that OMCs that engage in good corporate behaviour need to be compensated for their losses.Puri sought to allay concerns over the reduction in the Pradhan Mantri Ujjwala Yogana — a scheme aimed at providing clean gooking gas to poor households — saying there is sufficient provision to meet the beneficiaries’ needs.
He also said that, with natural gas prices on the decline, the price of refined products like LPG will be addressed. Describing India as a promising hub for energy, he noted that the country’s gas production is rising by 18% annually, along with exploration and production, contrasting it with the stagnant decade between 2006 and 2016.Also read: Budget 2025: FM says no income tax up to ₹12 lakh, netizens have a field dayPuri expressed confidence that more crude oil will soon be available in the global market, which will help lower prices, noting that several oil-rich regions in the Andaman Sea region remain to be explored. He added that some Indian companies are major exporters of petroleum products, and petroleum imports will continue to rise due to increasing consumption.He praised the rise in the personal income tax exemption limit from ₹7 lakh to ₹12 lakh in the Union Budget, calling it a testament to the middle class not being overlooked. He stated that the budget aims to boost public-private partnership (PPP) programs and provide overall momentum to the economy, citing adjustments to tax slabs, announcements on shipbuilding, agriculture, manufacturing, startups, and the Centres of Excellence in AI as significant achievements.Puri expressed hope for pension enhancements with retrospective effect, noting that the pay commission will significantly benefit pensioners, including himself. He criticised the higher taxation in several opposition-led regimes in the past, asserting that the government now has a better understanding of what needs to be done and when. While he lauded the emphasis on nuclear energy for the energy transition in the budget, he pointed out that not a single dollar of commercial contracting occurred in nuclear energy, despite former Prime Minister Manmohan Singh staking the future of his government on the nuclear deal back in 2008.Also read: Aviation industry lauds govt’s regional connectivity push
