Surat : Union Petroleum and Natural Gas Minister Dharmendra Pradhan Sunday blamed “external factors” for the rise in domestic prices of petrol and diesel, but said the increase is temporary.
Talking to reporters on the sidelines of a conclave organised in Surat, Pradhan said the factors responsible for drop in production of crude oil have caused a spike in fuel prices in India. “I would like to mention two points, and both these subjects are external. OPEC (Organisation of the Petroleum Exporting Countries) had promised that it will raise production by one million barrels per day, which was not raised. “Apart from that, crises in countries like Venezuela and Iran are increasing. There is a pressure on oil prices due to decrease in production. Secondly, global currencies have weakened against the US dollar,” he said.
A day after clocking record-high prices, retail rates of fuel have once again witnessed a hike on Sunday, with petrol being sold at Rs 86.25 per litre (increased by Rs 0.16 per litre) while diesel was retailing at Rs 75.12 per litre (increase by Rs 0.36 per litre). In Delhi, petrol was being sold at Rs 78.84 per litre and diesel at Rs 70.76 per litre. The price of petrol was increased by Rs 0.16 per litre, while that of diesel was hiked by Rs 0.34 per litre, as compared to Saturday’s prices in the national capital.