PM says govt absorbed Rs 43 of Rs 50 per litre diesel price hike to protect farmers

Prime Minister Narendra Modi on Thursday said his government absorbed Rs 43 per litre of a potential diesel price increase to protect farmers and consumers from the impact of rising global crude oil prices during the West Asia conflict. He said the government limited the increase to Rs 7 per litre instead of passing on the entire burden to citizens.Addressing the plenary session of the India Today Group's Kisan Tak Bharat Agriculture Conference 2026 at Bharat Mandapam in New Delhi, PM Modi said international crude oil prices had surged from USD 70 to USD 122 per barrel within a few weeks during the conflict."India was also facing a major challenge. The country was compelled to increase diesel prices by at least Rs 50 per litre. However, the government decided that the entire burden of international market shocks would not be passed on to the country's citizens and farmers," he said.The PM added that the government raised diesel prices by only Rs 7 per litre and absorbed the remaining Rs 43 per litre. "At that time, the government took a decision in the interest of farmers. We decided that the entire burden of international market shocks would not be passed on to the country's citizens and farmers," the Prime Minister said.PM Modi further claimed that the government had been bearing a financial burden of Rs 14,000 crore every month to shield consumers and farmers from higher fuel prices. He said diesel prices in neighbouring countries had increased by 40-50 per cent during the same period, while India limited the increase.The Prime Minister also said the government had spent Rs 16 lakh crore over the past 12 years to ensure farmers received fertilisers at affordable prices.Citing the cost difference between international market prices and domestic rates, PM Modi said a bag of Di-Ammonium Phosphate (DAP), which costs around Rs 5,000 internationally, was being supplied to Indian farmers for Rs 1,300.Similarly, a bag of urea costing around Rs 3,000 in the international market was being made available to farmers for less than Rs 300."Sixteen lakh crore is a very big figure. The budgets of several countries around the world are smaller than this amount," he said.PM Modi said keeping the cost of farming under control and ensuring affordable fertiliser supplies remained among the government's priorities.The Prime Minister said these measures reflected the government's commitment to protecting farmers from rising input costs and global market uncertainties.He emphasised that affordable fuel and fertilisers remained essential to sustaining agricultural growth, supporting farm incomes and ensuring that international price fluctuations did not place an additional financial burden on farmers and consumers.- Ends