India on Friday defended the decision to double the gas prices from April. “At present, we are paying USD 4.5 for local oil and gas while we import at USD 13. Do we not increase the price from USD 4.5 dollars to USD 6 or USD 8 which can bring more investments into exploration and instead keep on importing at a higher price and remain dependent on others,” External Affairs Minister, Salman Khurshid said addressing Congress workers at PCC office here.
He said price hike was not due to inefficiency of the government but because of the fact that India imports 80 per cent of its fuel requirements.
“If the prices increase, it is not because we are not doing our job well. It is because we import 80 per cent of our fuel requirements. Today, gas is not only used for domestic purposes but also used for generating power and operating factories and trains,” he said.
Pertinently the Cabinet Committee for Economic Affairs yesterday approved the proposal to hike the natural gas price.