Fuel prices rising as crude-producing nations raising prices: Pradhan

Representational image

Union Petroleum Minister Dharmendra Pradhan on Thursday said petroleum products in the country are getting costlier due to rising prices of crude by oil-producing nations.

"In order to earn more profit in the interest of their countries, crude-supplying countries are increasing the prices of crude," said Pradhan while speaking to reporters here on the rise in the prices of petroleum products like petrol and diesel in India.

He said crude-supplying countries have been requested to desist from the hike in crude prices as it directly affects consumers.

They have created an artificial increase in the interest of their own country, he added.

"Arbitrarily, you cannot hike the prices as it affects consuming countries," Pradhan said in reference to oil-producing countries.

Owing to bad weather, the production in the US has slowed in the past two-three weeks, Pradhan said.

The minister said he expects an improvement in the situation in some time.

Now, the basic problem before the government is to provide relief, employment, save the jobs of the employed, make efforts so that people get money as well as improve health services, the minister said.

He added that the government has planned to provide free vaccine to poor senior citizens by investing Rs 35,000 crore.

Pradhan said finances are required to develop rail, roads and ports, among others. The taxes collected by Union and state governments at present are spent on the development of people, he added.

Earlier, the minister laid the foundation stone of a building in Vatsalya Gram here run by Sadhvi Ritambhara, being constructed for the physically challenged, funded by Oil and Natural Gas Corporation under its CSR programme.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel