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India To Press For Lowering Of Oil Prices To Saudi, US

Oil minister Dharmendra Pradhan informed the arrival dates of US secretary of energy, Ricky Perry and Khalid AAl-Falih, the oil minister of Saudi Arabia.

India To Press For Lowering Of Oil Prices To Saudi, US

New Delhi: As the dates of arrival of US and Saudi energy secretary and oil minister was announced, the Indian oil minister Dharmendra Pradhan informed that he is going to speak to both the representatives about reducing the oil prices so that users can get some relief. At present Saudi Arabia and United States of America are the two top most oil producers of the world. India is the third largest oil using country of the world. The Minister feels this is going to be a favorable meeting for the country as India is going to make a case study about why the crude oil prices should be reduced.

Ricky Perry is arriving in between February 28 and March 1 while Filah is to reach India between February 23 and February 24.

Dharmendra Pradhan had to face ire of the people for not reducing the excise duty on crude oil, petrol and diesel in the recently presented Union Budget for 2018-19 though there has been a lowering of price of Brent crude in recent days. Pradhan explained that this was a favorable moment to get more profits as the costs have decreased. The government is trying to use this increased income for infrastructural development, provide better LPG offers and educational schemes.

The reduction of excise duties would have placed more pressure on the finances as in the Union Budget the government has already relaxed the fiscal deficit to enhance expenditure.

The petrol price stands at Rs 73 per liter and diesel Rs 64.15 a liter; some of the highest since the NDA Government came into picture in 2014. The excise duty on petrol has been increased by Rs 11.77 and of diesel by Rs 13.47 in last 15 months.

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