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.
India’s fertiliser subsidy bill for FY 2026-27 is expected to exceed the Rs 1.71 lakh crore budget as the price of imported urea and other fertilisers rises amid the West Asia crisis. Even with global supply chain strain, officials say kharif 2026 supplies remain adequate through domestic production, imports, and proactive state-level stocking.
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