No need to panic about oil prices, says Dharmendra Pradhan

Abhishek Law Kolkata | Updated on January 11, 2020 Published on January 11, 2020

Dharmendra Pradhan, Union Minister for Petroleum, Natural gas & Steel. - Photo: Debasish Bhaduri

Union Petroleum, Natural Gas and Steel Minister Dharmendra Pradhan said on Saturday that there is no need for panic on the oil prices and the government has adopted a “wait and watch policy”.

Oil prices had been volatile over the last few days following tension in the Middle East; especially because of tension between Iran and US.

Speaking to reporters on the sidelines of a manufacturing conclave organised by the Confederation of Indian Industry (CII), the Union Minister said: “The government has taken a position to wait and watch. However, there is no need to panic. Prices are stabilising now.”

Pradhan attributed the price fluctuations to “geo-political tensions in the Persian Gulf”. But assured that “there was no dearth of oil”.

“There is no dearth of crude oil in the global market. Yes there has been some spike on oil prices due to this, but for the last two days, this is subdued,” he said.

India incidentally has not been sourcing crude from Iran following sanctions. However, it does source from other OPEC and non-OPEC nations.

Asked on the Modi-Mamata meeting scheduled at the Raj Bhavan, Pradhan said the PM was always ready to “meet and discuss issues relating to development”. “The PM is always open to meeting on issues relating to development,” he said.

Published on January 11, 2020
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