Hike in fuel prices due to lower production amid COVID-19, says Dharmendra Pradhan ANI | Updated: Jan 19, 2021 07:16 IST
Betul (Madhya Pradesh) [India], January 19 (ANI): Stating that fuel prices had gone up because of lower production in oil-producing nations due to the COVID-19 pandemic, Union Minister for Petroleum and Natural Gas Dharmendra Pradhan on Monday said that the lower production had caused an imbalance in demand and supply. Our main challenge is, we have to import 80 per cent of crude oil of our requirement. Due to coronavirus, many oil-producing countries stopped production or reduced it. There is a pressure on fuel price due to imbalance in demand and supply, Pradhan said while speaking to media in Betul.
Stating that fuel prices had gone up because of lower production in oil-producing nations due to the COVID-19 pandemic, Union Minister for Petroleum and Natural Gas Dharmendra Pradhan on Monday said that the lower production had caused an imbalance in demand and supply. Our main challenge is, we have to import 80 per cent of crude oil of our requirement. Due to coronavirus, many oil-producing countries stopped production or reduced it. There is a pressure on fuel price due to imbalance in demand and supply, Pradhan said while speaking to media in Betul. Consumption has been increasing. India is third as far as energy consumption is concerned, he said.