India, March 27 -- Union Petroleum Minister Hardeep Singh Puri on Friday explained the rationale behind the Indian government cutting the special excise duty on petrol and diesel amid the raging conflict in West Asia.

According to the union minister, the Narendra Modi government had only two choices: either increase fuel prices or bear the financial brunt so that Indian citizens are insulated.

"International crude prices have gone through the roof in the last 1 month, from around 70 dollars/barrel to around 122 dollars/barrel. Consequently, petrol and diesel prices for consumers have gone up all over the world. Prices have increased by around 30%-50% in Southeast Asian countries, 30% in North American countries, 20% in Europe and 50% in...