Latest events may impact oil prices: Petroleum Minister

Dharmendra Pradhan said the government has asked the Niti Aayog to prepare a long term roadmap for India's energy sector

India's petroleum minister Dharmendra Pradhan on Monday said some “latest events” may impact global oil prices in days to come, referring to air strikes carried out early morning today by French warplanes on the Islamic State of Iraq and Levant (ISIL) group's Syrian stronghold of Raqqa.

"Some recent events may impact global oil prices. But overall we expect the prices to remain reasonable," Pradhan said addressing an industry gathering at an energy sector event organised by KPMG.

He added global crude oil prices have come down from $105 per barrel when the government took charge last year to $41 per barrel now. “And if there is going to be one country benefiting from this slide in the prices, it is India,” Pradhan said. The government is budgeting for its petroleum subsidy burden to come down to Rs 30,000 crore in the current fiscal from Rs 65,000 crore last financial year.

The oil minister also said the government has asked the Niti Aayog to prepare a long term roadmap for India's energy sector. Pradhan also said the government is committed to develop around four LNG terminals on the country's east coast and develop 5,000 kilometres of additional gas pipeline infrastructure.