Written by Nathasha De Alwis
21 May, 2018 | 5:20 pm
(REUTERS) – India is looking at ways to keep rising fuel prices in check, its oil minister said on Sunday (May 20), with retail rates for diesel and petrol touching record highs in capital city New Delhi and financial hub Mumbai.
Prices at the pump have surged on the back of rallying international markets for crude oil, which last week hit their strongest since late-2014 amid ongoing production cuts led by the Organization of the Petroleum Exporting Countries (OPEC).
Indian Minister of Petroleum & Natural Gas and Skill Development & Entrepreneurship, Dharmendra Pradhan said various alternatives were being looked at, adding that he would “work out something soon”. He did not give details.
Opposition leaders have criticised the government for failing to rein in rising fuel prices, a politically-sensitive issue in one of the world’s biggest economies. People in the Indian capital said they were thinking of cutting down the amount of petrol they would buy and stop taking it out.
India is particularly at risk from stronger global prices for crude oil as it is the No.3 importer of the commodity, buying about 80% of its oil needs.
The cost of the growing thirst for oil around Asia will surpass $1 trillion this year, about twice as much as in 2015 and 2016, as oil prices touch $80 per barrel and continental demand hits a record.
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