Oil minister Dharmendra Pradhan on Monday said there was no question of going back on deregulation of fuel pricing despite the government asking state-owned firms to subsidise petrol and diesel by Re 1 per litre.
Speaking at The Energy Forum, he said international oil prices touching a four-year high of $85 per barrel is a “challenge” that has resulted in fuel prices continuing to rise despite a one-off excise duty cut and public sector units (PSUs) subsidising fuel.
Pradhan said he had spoken to Saudi oil minister Khalid A Al-Falih and “reminded him of the June commitment of Opec to increase production by 1 million barrels per day” to help cool prices. Read more
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