Petrol-Diesel Price: India’s Minister of Petroleum and Natural Gas Dharmendra Pradhan reiterated the concern about crude oil prices to OPEC Secretary General Mohammad Sanusi Barkindo.
Petrol crosses Rs 100 in 9 states and union territories
With the retail prices of petrol, diesel reaching a record high in the country, India has urged the Organization of the Oil Exporting Countries (OPEC) to reduce the price of crude oil by keeping it within a reasonable range. Pressed and said that the producing countries should now phase out the cuts made in oil production.
OPEC countries like Saudi Arabia have traditionally been India’s largest source of crude oil. But for some time now, OPEC and its allies, which have been called OPEC+, have been ignoring India’s demand to increase oil production, due to which it has to find new sources for its crude oil imports.
Crude oil crosses $75
India is the third largest oil importing country in the world. This is the reason that in May, the share of oil imports from OPEC countries in India’s total oil imports came down to 60 percent from 74 percent in the previous month. India’s Minister of Petroleum and Natural Gas, Dharmendra Pradhan, in a virtual conversation with OPEC Secretary General Mohamed Sanusi Barkindo, reiterated the concern about crude oil prices. Crude oil prices have crossed $75 per barrel. These prices are the highest since April 2019.
Petrol crosses Rs 100 in 9 states and union territories
Due to the rising crude oil prices, the retail prices of petrol and diesel in the country have reached a record high. Petrol has gone above Rs 100 a liter in 9 states and union territories, while in Rajasthan and Odisha, diesel is being sold above Rs 100 a liter.
Inflation pressure mounting on India
“Keeping in mind that India is a major consumer and importer of oil, Prime Minister emphasized the importance of cheap and regular supply of fuel for economic and social progress,” said a statement issued by OPEC after the virtual meeting. underlined.
A statement issued by the Petroleum Ministry later said, Pradhan expressed concern about the rising crude oil prices and its impact on consumers as well as the improvement in economic activity. He emphasized that high crude oil prices are adding to inflationary pressures on India.
will encourage improvement
The ministry statement said, Pradhan reiterated his request for a phased end to the reduction in crude oil production. Along with this, it was also emphasized that the price of crude oil should remain in a reasonable range. This will be in the collective interest of oil producers and consumers. This will encourage consumption based reforms.
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