Union Minister of Petroleum & Natural Gas, Shri Dharmendra Pradhan has said thatIndia has taken note of the re-imposition of US Sanctions on Iran in wake of the US pullout from the Joint Comprehensive Plan of Action on May 8, 2018. The crude oil price fluctuation is a frequent market phenomenon and the price of crude oil is determined by many factors, including geo-political situations and demand and supply in the global market.
In a written reply in Rajya Sabha today, the Minister said that the contribution of petroleum sector to central exchequer during the Financial Year 2014-15, 2015-16 and 2016-17 is ₹ 1,72,065 crore, ₹ 2,53,615 crore and ₹ 3,34,534 crore respectively.
