Dharmendra Pradhan, the Union Minister for Petroleum, Natural Gas, and Steel has stated that India is putting a lot of pressure on oil-producing countries such as Russia, Qatar, and Kuwait to boost output in order to lower the cost per barrel, lowering retail fuel prices. As per news stories, major oil-producing countries decided to cut production in April last year due to a sharp drop in demand caused by the Covid-19 pandemic. He further stated that in order to make more money, these nations are producing less petrol. While less fuel is now being produced, the market for it has come back to where it was prior to the Covid circumstance.
“As a result, diesel and petrol prices in the country have risen,” he said at a dialogue in Varanasi on Saturday. Pradhan said that he had spoken to his counterparts from major oil-producing countries. Further, he said that he had urged them to raise fuel supply so that fuel costs in India, which buys fuel from these countries, will decline. He claimed that no one could determine with confidence when diesel, gasoline, or gas prices would crash. He added that by March or April, cooking gas, diesel, and petrol prices are likely to come down.
Fuel costs are now skyrocketing recently, and Indian Youth Congress activists held a protest outside Union Minister Smriti Irani’s residence on Saturday, demanding that the government reverse the price hikes immediately.
“Irani used to protest in the streets even though petrol and diesel rates increased by Rs 5 per liter, but she is now “absolutely deaf” as the country is facing “all-round inflation,” according to Indian Youth Congress (IYC) president Srinivas B V.