Pradhan expresses concern over high oil prices with Saudi Minister

Last Updated: Fri, May 18, 2018 15:35 hrs
A flame rises from a chimney at Taq Taq oil field in Arbil

New Delhi: Petroleum Minister Dharmendra Pradhan raised concern over the ongoing surge in crude oil prices and the resultant hike in transport fuel prices in the country during a telephonic interaction with Saudi Arabias Minister of Energy, Industry and Mineral Resources Khalid Al-Falih.

"Minister Pradhan expressed his concern about rising (oil) prices and its negative impact on consumers and the Indian economy," an official statement said here on Friday.

The concern comes as the petrol price in the national capital hit Rs 75.61 per litre on Friday, inching closer to the previous high of Rs 76.06, reached in September 2013.

Pradhan emphasised his desire for stable and moderate prices.

According to the statement, Minister Al-Falih also assured Pradhan that supporting global economic growth is one of the Saudi Arabia's key goals.

He reiterated his commitment towards stable supplies and that "the Kingdom together with other producers will ensure availability of adequate supplies to offset any potential shortfalls and ensure that prices remain reasonable."

The spike in transport fuel prices in India can be largely attributed to the consistent rise in global crude oil prices recently. Brent crude oil is currently priced above $79 per barrel.

Petrol prices in the major cities of Kolkata, Mumbai and Chennai also were at multi-year highs on Friday -- Rs 78.29, Rs 83.45 and Rs 78.46 per litre, respectively.

Similarly, prices of diesel, continued its gaining momentum and reached new record levels across the country, with the price in Delhi, Kolkata, Mumbai and Chennai being -- Rs 67.08, Rs 69.63, Rs 71.42 and Rs 70.80 per litre.




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