Union minister, Auto News, ET Auto

Fuel prices cannot be controlled till India increases oil production: Union minister
Union Minister Rameswar Teli on Wednesday said that prices of petrol and diesel cannot be controlled till India increases production of oil, saying that the country is dependent on international market for its fuel needs. “About 83% of oil consumed in the country is imported by us. We are dependent on international market, and till we increase our production, its price cannot be controlled,” the minister of state for petroleum and natural gas said on the sidelines of an event here.

“When the price of oil increases in the international market, our companies increase its price,” he told reporters when asked about the rise in prices of petrol and diesel.

The minister was here to participate in an event at Rajiv Gandhi Institute of Petroleum Technology.

He said, “We are trying to reduce pressure of import on oil. We are also coming out with electric and CNG vehicles and also working on new means.”

On the occasion, the minister also distributed mobile phones to 200 meritorious students and felicitated 75 people from different walks of life.

Also Read:

State-run refiners have kept prices of petrol and diesel unchanged for more than a month even though international prices have been elevated and highly volatile. Companies are officially free to charge rates in line with international prices but are selling at rates that are about ₹25-30 per litre lower for diesel and ₹8-10 for petrol.

Follow and connect with us on , Facebook, Linkedin, Youtube