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Pradhan expresses concern over high oil prices with Saudi Minister

IANS  |  New Delhi 

raised concern over the ongoing surge in prices and the resultant hike in transport fuel prices in the country during a telephonic interaction with Saudi of Energy, Industry and Mineral Resources

"Pradhan expressed his concern about rising (oil) prices and its negative impact on consumers and the Indian economy," an official statement said here on Friday.

The concern comes as the petrol price in the national capital hit Rs 75.61 per litre on Friday, inching closer to the previous high of Rs 76.06, reached in September 2013.

Pradhan emphasised his desire for stable and moderate prices.

According to the statement, Minister Al-Falih also assured Pradhan that supporting global economic growth is one of the Saudi Arabia's key goals.

He reiterated his commitment towards stable supplies and that "the Kingdom together with other producers will ensure availability of adequate supplies to offset any potential shortfalls and ensure that prices remain reasonable."

The spike in transport fuel prices in can be largely attributed to the consistent rise in global prices recently. Brent is currently priced above $79 per barrel.

Petrol prices in the major cities of Kolkata, and also were at multi-year highs on Friday -- Rs 78.29, Rs 83.45 and Rs 78.46 per litre, respectively.

Similarly, prices of diesel, continued its gaining momentum and reached new record levels across the country, with the price in Delhi, Kolkata, and being -- Rs 67.08, Rs 69.63, Rs 71.42 and Rs 70.80 per litre.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, May 18 2018. 14:38 IST