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Output cuts by OPEC, COVID-19 main reasons behind fuel price hike: Oil Minister Dharmendra Pradhan

The crude prices have been going up in the international market since November 2020, with the Brent oil rate hovering above $60 over the past few days.

February 21, 2021 / 18:42 IST
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Union Petroleum Minister Dharmendra Pradhan (File Photo)

The recent output cuts by the Organisation of the Petroleum Exporting Countries (OPEC) and the outbreak of COVID-19 are the main reasons behind the fuel price hike in India, Union Petroleum Minister Dharmendra Pradhan said on February 21.

The crude prices have been going up in the international market since November 2020, with the Brent oil rate hovering above $60 over the past few days.

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"There are two main reasons behind fuel price rise. International market has reduced fuel production and manufacturing countries are producing less fuel to gain more profit. This is making the consumer countries suffer," news agency ANI quoted Pradhan as saying.

"We have continuously been urging the OPEC and OPEC+ countries that it should not happen. We hope there will be a change," he added.

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