New Delhi: Prime Minister Narendra Modi on Thursday said the conflict in West Asia had triggered a sharp rise in crude oil prices, which surged from $70 to $122 per barrel within a few weeks, posing a major challenge for India, but asserted that the government absorbed a substantial portion of the resulting diesel price burden to protect farmers.
Addressing the Kisan Tak Bharat Agriculture Conference 2026 in Delhi, the prime minister said the situation warranted a diesel price increase of at least Rs 50 per litre, but the government raised the price by only Rs 7 per litre and absorbed the remaining burden of Rs 43 per litre.
"When the threat of war loomed over West Asia, the price of crude oil surged from $70 to $122 per barrel in just a few weeks. India faced a major challenge at that time. It became necessary to increase the price of diesel by at least Rs 50 per litre. Faced with this situation, the government made a decision in the best interest of our farmers. Instead of the required 50-rupee hike, the government increased the price of diesel by only 7 rupees per litre, choosing to shoulder the remaining burden of 43 rupees per litre itself," PM Modi said.
He further said that while diesel prices had increased by 40 to 50 per cent in several neighbouring countries, India did not allow a similar rise.
"In many of our neighbouring countries, diesel prices rose by 40 per cent to 50 per cent, but that did not happen in India. Ever since then, the government has been absorbing a loss of Rs 14,000 crore every single month," he added.
In an apparent dig at Leader of Opposition Rahul Gandhi, Prime Minister Narendra Modi also said some people "take out the Constitution from their pocket" and think democracy is "in their pocket", adding that though "they are not in government", they have "a different intoxication of power".
"These days, some people take out the Constitution from their pocket. They think that the nation's Constitution and its democracy are right there in their pockets," he said.
“Even while not in government, they seem to be under a peculiar, intoxicating spell of power," he said.
Modi said such people's behaviour in power could be understood through an incident from his time as Gujarat chief minister.
He said Gujarat had once been ranked number one in a ranking of best-performing states on the economy. "The institution that gave Gujarat the number one ranking was named after a former Prime Minister of this country. That is enough of a hint," he said, without naming it.
The ranking was based on research by well-known economists, he said, but those in power in Delhi "could not bear Gujarat's reputation" and went after those who did the research.
"These are the same people who preach about martyrdom and democracy. This was a long time ago, and you can find out what happened after this by doing research," he said.
Highlighting the government's efforts to support farmers, PM Modi said free vaccinations had been administered to the livestock of more than eight crore farmers to protect animals against Foot and Mouth Disease (FMD).
"We are also prioritising the protection of livestock from diseases. To safeguard animals against Foot and Mouth Disease, free vaccinations have been administered to the livestock of over eight crore farmers. Everyone is aware that we provided free vaccines during the COVID-19 pandemic, but this is Modi--he ensures that animals, too, receive free vaccinations," he said.
(With inputs from PTI & ANI)