Gujarat : Crude oil Worth ₹10 Lakh Crore Missing from Oil Wells

Advice to Conserve Petrol, Yet Heavy Spending by Modi

Dilip Patel
Ahmedabad, May 14, 2026
Previously, Modi had launched a scathing attack on the UPA government for taking various anti-people and anti-union measures. However, he has now resorted to the very same practices.

Petrol Prices

On May 23, 2012, Gujarat Chief Minister Narendra Modi had severely criticized the Manmohan Singh government and demanded a rollback of the hike in petrol prices.

At that time, the price of petrol had been increased by ₹7.50 per liter. Sharing his views on Twitter, Modi tweeted, “The massive hike in petrol prices is the starkest example of the failure of the Congress-led UPA government. This will result in a loss of hundreds of crores of rupees for Gujarat. The decision to hike petrol prices just one day after the conclusion of the parliamentary session constitutes a grave affront to the dignity of Parliament. The people will not forgive the government for this.”

Gas and Petroleum: A National Asset

In April 2003, GSPC discovered petroleum reserves estimated at 20 TCF (Trillion Cubic Feet) in the KG Basin block located in the south.

India’s largest gas well was discovered at this site.

He spoke of utilizing Gujarat’s petroleum energy resources to make India self-reliant.

The estimated value of the petroleum gas reserves in the KG Basin stands at ₹4 lakh crore, based on current market prices.

Had the oil actually been extracted, the value of that oil and gas would be ₹10 lakh crore today.

Oil extraction was supposed to have commenced in 2008. To this day, however, none has been obtained.

₹21,000 crore belonging to Gujarat has been utilized for this project.

Modi pointed out that the VAT rates on petrol in Andhra Pradesh, Assam, Kerala, Maharashtra, and Rajasthan—all Congress-ruled states—as well as in West Bengal and Uttar Pradesh (ruled by UPA allies), are higher than the rates prevailing in Gujarat. In Andhra Pradesh, Assam, Kerala, and Rajasthan, a 4% VAT is levied on LPG and kerosene, whereas in Gujarat, the rate is ‘NIL’ (zero).

Ban on Cotton Exports
The Sardar Sarovar Project
The Centre’s Meat Export Policy
The anti-farmer ‘Pink Revolution’
He also strongly condemned the move to impose TDS (Tax Deducted at Source) on the transfer of immovable property.

He had opposed the Centre’s proposed amendments to anti-terrorism laws. (Google translation from Gujarati; please refer to the original report for verification.)