Surging oil price in India due to external factors involving OPEC, US, Iran and Venezuela: Pradhan in Surat

Surat: In reply to media persons outside Surat airport, union petroleum minister Dharmendra Pradhan said international factors were responsible for rising price of fuel in India.

‘OPEC had assured the world that it will increase production of crude oil by 1 million barrel per day, but in our two months review covering July-August we have found that production has not been increased, and due to lower production ,oil price is under pressure,’ Pradhan said adding that Venezuela and Iran crisis also is reason for rising oil price.

He further said, ‘All currencies in the world are plunging against US dollar. US policy has sparked off new worries across the global economy and India is also impacted. We are concerned and trying to build diplomatic pressure. US high level delegation is coming to India. India’s External Affairs minister and Defence minister will also discuss this in two plus two dialogue.’

Pradhan said this is temporary situation. He reminded that in last July-August, oil price in India was steady and even went down before going up.

Pradhan said both factors, low production by OPEC and currency rate are external factors.

Replying a question on Congress’s allegations, Pradhan said, ‘Congress left power after passing over a huge debt
on our shoulders. Congress is lying and shedding crocodile tears.’

DeshGujarat