The Indian government has agreed to release 5 million barrels of unrefined oil from its strategic petroleum reserves in consultation with other global energy consumers, Union Minister of State for Petroleum and Natural Gas Rameswar Teli in a written reply when Indian Union Muslim league MP from Kerala raised the question in Rajya Sabha. Government will release oil in coordination with other countries, Rameswar Teli added in the reply
In a written reply, the Union Minister said that in order to provide relief to citizens the government of India decided to release 5 million barrels of crude oil from its Strategic Petroleum Reserves, in consultation and parallelly with other major global energy consumers including the USA, People's Republic of China, Japan and the Republic of Korea.
"The national price of crude oil is linked to international benchmarks of crude prices. Many factors including supply and demand, futures' trading, the impact of the covid scenario and geopolitical situation highly affect these benchmarks. Linear co-relation between pricing and any one of these factors in isolation, is indeterminable," MoS Petroleum and Natural Gas also informed Rajya Sabha.
Union Minister told that the government has been consistently reviewing the domestic high prices of petroleum and diesel.
“ to control inflationary pressures, Government of India had reduced the 'central excise duty' on petrol and diesel by Rs 5/litre and Rs 10/litre respectively on November the third this year. And then many state government reduce vat on fuel,” the Minister said.
Source: ANI
