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Dharmendra Pradhan to oil exporting nations: Ease output cuts

A rise of over 50 per cent in the price of Brent crude, from around $40 per barrel in October to $64.4 on Wednesday, has led to the prices of petrol and diesel hitting record levels across India.

By: ENS Economic Bureau | New Delhi |
February 18, 2021 3:16:49 am
Union Minister of Petroleum and Natural Gas Dharmendra Pradhan

Petroleum Minister Dharmendra Pradhan Wednesday called on oil-exporting countries to ease production cuts, which have been contributing to rising international crude oil prices.

A rise of over 50 per cent in the price of Brent crude, from around $40 per barrel in October to $64.4 on Wednesday, has led to the prices of petrol and diesel hitting record levels across India.

For the first time ever, the price of petrol crossed the Rs 100 per litre mark in Rajasthan’s Sri Ganganagar district after fuel rates were hiked by 25 paise per litre each. Petrol in Delhi costs Rs 89.54 per litre and diesel Rs 79.95. In Mumbai, petrol price rose to Rs 96 a litre and diesel was priced at Rs 86.98. “I am appealing for easing of production cuts by the key oil exporting countries including the OPEC and OPEC+ group. I have always maintained that price should be reasonable and responsible also,” said Pradhan while addressing an International Energy Forum.

Major oil exporting countries had cut output last year, as demand for crude oil crashed due to the Covid-19 pandemic with the price of Brent crude falling below $20 per barrel in April.

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