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India has been facing headwinds due to the rising price of crude oil over the last one year according to Minister for Petroleum and Natural Gas, Dharmendra Pradhan.
Speaking at the India Energy Forum by CERAWeek, “Crude prices have gone up 50 per cent in dollars term and 70 per cent in rupee terms due to global reasons since last year.”
India will be focused on diversifying energy sources according to Pradhan. He said, “We cannot rely on a single source of energy. While one cannot work in isolation, but India will have to chart it’s own course for securing its energy needs.”
Pradhan said that India has taken a lead role in setting up the International Solar Alliance. He repeated Prime Minister Narendra Modi and said that the ISA can replace the OPEC as the dominant source of energy for the world.
Pradhan also said that India has expanded the consumer market for energy through the Ujjwala scheme of distributing LPG connections to poor families.
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