Union Minister Hardeep Puri stated India’s oil and gas PSUs are becoming profitable, tech-driven institutions under PM Modi. Citing HPCL’s 206% PAT increase, he highlighted their resilience and simultaneous focus on energy transition.
Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Thursday underscored that India’s oil and gas public sector undertakings (PSUs) are steadily evolving into technology-driven, profitable and future-ready energy institutions, in line with the transformative vision of Prime Minister Narendra Modi.
Highlighting the strong performance of oil and gas PSUs, the Minister said that the sector is demonstrating how robust economic outcomes and long-term energy transition can progress together.
PSUs Demonstrate Robust Financial Health
In a social media post, the minister stated, “Guided by the transformative vision of Hon’ble Prime Minister Sh @narendramodiJi, country’s oil and gas PSUs are evolving into technology-driven, profitable and future-ready energy institutions”.
He cited Hindustan Petroleum Corporation Limited (HPCL) as a key example of this transformation. According to Puri, HPCL recorded a 206 per cent increase in Profit After Tax (PAT) over a nine-month period, reaching Rs 12,274 crore. The company also reported a 35 per cent rise in quarterly profit to Rs 4,072 crore, reflecting improved operational efficiency and financial strength.
The Minister said that these results show the growing resilience of oil and gas PSUs amid a changing global energy landscape. He noted that refineries are operating beyond their nameplate capacity, indicating efficient asset utilisation and strong demand conditions.
At the same time, steady growth in fuel and LPG revenues has supported profitability, while continued reduction in debt levels points to a sustainable and disciplined financial approach.
Commitment to Energy Transition and Future Growth
Puri emphasised that the profitability achieved by oil and gas PSUs is being complemented by focused efforts towards energy transition and future growth areas.
He said that renewable energy integration is progressing across the sector, with initiatives such as solarisation of retail outlets and expansion of CNG infrastructure gaining momentum. He also highlighted trials for sustainable aviation fuel as an important step towards cleaner energy solutions in the transport sector.
In addition, the rapid advancement of the Rajasthan Refinery project was cited as a major driver of future growth and self-reliance in the refining and petrochemical space.
Balancing Scale with Responsibility
The Union Minister said that India’s energy journey today is about balancing scale with responsibility, innovation with reliability, and reform with results. He added that oil and gas PSUs are not only ensuring the country’s energy security but are also adapting to emerging technologies and cleaner fuels to remain globally competitive.
(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)