India Energy Week 2023 will provide an unprecedented opportunity for regional and international leaders and CEOs to come together for strategic policy and technical knowledge sharing for energy justice and energy transitions, says Hardeep Singh Puri, Minister for Petroleum and Natural Gas.

The Minister stated that it would be a flagship event of the Ministry, and also the first major energy event once India takes over G20 Presidency.

The Minister also unveiled the logo for India Energy Week (IEW) 2023, the Ministry’s flagship event taking place from 6-8th February, 2023 in Bengaluru.

The minister also witnessed the signing of contracts for 31 Discovered Small Fields (DSF) blocks under DSF bid round-III and 4 CBM blocks under CBM bid round-V awarded to 14 E&P domestic companies.

The minister said, "India has demonstrated great resilience in the face of the global energy crisis. The Government of India has taken several measures to minimize and mitigate the volatility of global crude oil and gas prices. Fuel price rise in India has been contained in comparison to exponential rise in developed countries. Most of the developed nations have witnessed a significant inflation rise in gasoline price by almost 40% during July 2021 to August 2022, while in India, gasoline price has reduced by 2.12%."

"The gas price of all the major trading hubs has seen a massive increase during July 2021 to August 2022. Henry Hub of the USA has seen an increase of 140%. JKM Marker has seen an increase of almost 257% and UK NBP has increased by 281% while in India CNG and PNG prices have been increased by only 71%," commented Puri.

Even on the LPG front, In the past 24 months, Saudi CP price (our import benchmark) almost increased by 303%. During the same period, the LPG price in India (Delhi) increased by less than a tenth of that figure i.e. 28% says Puri.