Dharmendra Pradhan to grease exporting nations: Ease output cuts

Petroleum Minister Dharmendra Pradhan Wednesday known as on oil-exporting nations to ease manufacturing cuts, which have been contributing to rising worldwide crude oil costs.
An increase of over 50 per cent within the value of Brent crude, from round $40 per barrel in October to $64.4 on Wednesday, has led to the costs of petrol and diesel hitting file ranges throughout India.

For the primary time ever, the worth of petrol crossed the Rs 100 per litre mark in Rajasthan’s Sri Ganganagar district after gas charges had been hiked by 25 paise per litre every. Petrol in Delhi prices Rs 89.54 per litre and diesel Rs 79.95. In Mumbai, petrol value rose to Rs 96 a litre and diesel was priced at Rs 86.98. “I am appealing for easing of production cuts by the key oil exporting countries including the OPEC and OPEC+ group. I have always maintained that price should be reasonable and responsible also,” stated Pradhan whereas addressing an International Energy Forum.

Major oil exporting nations had minimize output final yr, as demand for crude oil crashed as a result of Covid-19 pandemic with the worth of Brent crude falling under $20 per barrel in April.