OIL & GAS

Oil minister gives ‘two main reasons’ behind rising fuel prices

By Times Of India

Union petroleum and natural gas and steel minister Dharmendra Pradhan on Sunday said that reduced fuel production and oil-rich nations seeking more profits are the primary reasons behind spiralling petrol and diesel prices in the country.

“There are two main reasons behind the fuel price rise. The international market has reduced fuel production and manufacturing countries are producing less fuel to gain more profit. This is making the consumer countries suffer,” Pradhan told ANI during his visit to inspect the venue where Prime Minister Narendra Modi is scheduled to address a rally in Assam’s Dhemaji on Monday.

He further stated, “We have continuously been urging the Organisation of the Petroleum Exporting Countries (OPEC) and OPEC plus countries that it should not happen. We hope there will be a change.”

The prices of petrol and diesel are increasing continuously for more than 10 days and in some states, the price of petrol has even crossed Rs 100-mark.

Justifying the taxes levied on petrol and diesel, he said that the Centre and the states are doing various developmental works in the wake of the Covid-19 pandemic

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