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Goyal says limited fuel price rise proves Modi govt absorbed global oil shocks
Economy
Published on 15 May 2026
Excise duty cut trimmed hikes to just Rs 3
Commerce and Industry Minister Piyush Goyal said India’s small fuel-price increase reflects how the government absorbed global oil shocks. He pointed out petrol and diesel rose by only Rs 3 because excise duty revenue was reduced by Rs 10. Fertiliser prices, he added, were kept unchanged even as costs increased, with farmers receiving heavily subsidised fertiliser. Goyal also backed Prime Minister Modi’s voluntary austerity appeal and said India is working to cut import dependence, improve efficiencies, and advance an India-US trade approach.
- Petrol and diesel rose only Rs 3 after excise duty reduction
- Goyal said excise duty revenue was cut by Rs 10 to absorb shocks
- Fertiliser cost is about Rs 3,000 but farmers pay Rs 300
- Subsidy level cited at 90% to shield farmers from cost pressure
- Modi’s austerity push was described as voluntary, not compulsory
- India-US trade push aims for preferential US market access despite Section 301 inquiry
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times