NEW DELHI: Prime Minister Narendra Modi on Thursday said his government absorbed Rs 43 per litre of a potential diesel price increase to protect farmers and consumers from the impact of rising global crude oil prices during the West Asia conflict. He said the government limited the increase to Rs 7 per litre instead of passing on the entire burden to citizens.
Addressing the plenary session of the India Today Group’s Kisan Tak Bharat Agriculture Conference 2026 at Bharat Mandapam in New Delhi, PM Modi said international crude oil prices had surged from USD 70 to USD 122 per barrel within a few weeks during the conflict.
“India was also facing a major challenge. The country was compelled to increase diesel prices by at least Rs 50 per litre. However, the government decided that the entire burden of international market shocks would not be passed on to the country’s citizens and farmers,” he said.
The PM added that the government raised diesel prices by only Rs 7 per litre and absorbed the remaining Rs 43 per litre.
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