During a lecture at the Pune International Centre, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri underscored the importance of achieving a consensus among states regarding the inclusion of petrol and diesel under the Goods and Services Tax (GST). He expressed that he has supported this idea for quite some time and acknowledged that the finance minister has also indicated the potential for bringing these fuels under the GST framework. Puri mentioned that to bolster energy security, India must strategically enhance its petroleum reserves and increase domestic exploration and production to lessen its dependency on fuel imports.

With a population of 1.4 billion and energy consumption expected to exceed the global average by threefold, Puri argued that India is poised to play a significant role in the global energy sector. He forecasted that over the next 20 years, India could be responsible for 25 percent of the global increase in energy consumption. However, he highlighted the necessity of getting unanimous consent from all states, acknowledging the difficulties in this process since petrol and diesel are vital sources of revenue for the states. There is skepticism about whether states, particularly those governed by non-BJP parties, would be willing to relinquish their additional value-added tax, which further complicates reaching a consensus.

access, cost, and the transition toward renewable sources. Puri noted that while green hydrogen could be pivotal for the future energy landscape, its viability is contingent on domestic production and demand, as well as advances in technology that could mitigate associated expenses.

On a broader scale, Puri asserted that despite a global oil surplus, geopolitical tensions might drive oil prices upward. He predicted that the influence of traditional oil cartels would diminish as new energy modalities come to the fore. In conclusion, Dr. Raghunath Mashelkar, President of the PIC, emphasized the critical need to reduce India's reliance on fuel imports while pushing forward with renewable energy endeavors.