External factors behind fuel price rise: Pradhan

TIL Desk/Business/Surat/ Union Petroleum and Natural Gas Minister Dharmendra Pradhan hasblamed “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.

Pradhan was in Surat to inaugurate a textile and plastic investors conclave, where he addressed entrepreneurs, industry stake-holders and professionals from the plastic and textile industry. The conclave showcased opportunities in textile, polymer and downstream sectors in Odisha and eastern India. “This is a matter of concern for the world economy, and the Indian economy is also affected. But considering these factors, the Indian government is planning to put diplomatic pressure.