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Crude Prices Not Under Govt Control, But Swayed by Global Forces: Pradhan

The minister said that the centre had cut diesel and petrol prices by Rs 2.50 some days back, following which many states also reduced it by a similar amount, thus giving a respite of Rs five to the people.

PTI

Updated:October 27, 2018, 10:37 PM IST
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Crude Prices Not Under Govt Control, But Swayed by Global Forces: Pradhan
Image representation of fuel pump. (Photo: Reuters)
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Hyderabad: Union Minister Dharmendra Pradhan on Saturday said crude prices are not under the control of the Indian government and are determined by international forces.

"I can understand you (BJYM cadre) may have faced with many questions on petrol and diesel prices. We promised to the people of this country that we will not push our country into indebtedness. That is the reason we took some burden on us.

The minister said that the centre had cut diesel and petrol prices by Rs 2.50 some days back, following which many states also reduced it by a similar amount, thus giving a respite of Rs five to the people.

"Oil prices are beyond the control of the Indian Government. It is an international commodity.

Whatever the price the international market dictates, India has to pay," the Minister for Petroleum said, addressing delegates at the Bharatiya Janata Yuva Morch (BJYM) national convention here.

He said India was focusing on biofuels and alternative energy sources as a replacement to petroleum products and also suggested that oil producing countries control oil prices.

The minister said that oil prices have started coming down due to some international developments.

Petrol price has been cut by Rs two per litre and diesel by Rs one in the last eight days on the back of softer international rates, an official statement said Friday.

Petrol price was reduced by Rs 1.98 per litre and diesel by Rs 0.96 per litre in the last eight days as international oil prices have been falling and the Rupee had also appreciated, it said.

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| Edited by: Ahona Sengupta
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