OIL & GAS

Hike in fuel prices due to lower production amid COVID-19, says Dharmendra Pradhan

Stating that fuel prices had gone up because of lower production in oil-producing nations due to the COVID-19 pandemic, Union Minister for Petroleum and Natural Gas Dharmendra Pradhan on Monday said that the lower production had caused an imbalance in demand and supply.

“Our main challenge is, we have to import 80 per cent of crude oil of our requirement. Due to coronavirus, many oil-producing countries stopped production or reduced it. There is a pressure on fuel price due to imbalance in demand and supply,” Pradhan said while speaking to media in Betul.

“Consumption has been increasing. India is third as far as energy consumption is concerned,” he said.

The Union Minister asserted that the government was focusing on electric vehicles (EVs), solar energy, production of ethanol etc to become self-reliant in the energy sector.

On Monday, the Union Minister also flagged off two welfare projects of Oil and Natural Gas Corporation (ONGC).

Source
ET Energy World
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