(TH)
The Union Petroleum and Natural Gas Minister Dharmendra Pradhan said that the global geo-political developments have led to the increase in the price of petroleum products in the country. Replying to the queries of media persons here on Saturday, he said that three-four geo-political incidents have taken place in the recent past.
For the first time, Venezuela, which is one of the major oil producing countries, has the lowest ever production in 30 years. There is a cartel by OPEC (Organisation of Petroleum Exporting Countries). He said that these countries have reduced their production for more price. There is an attack on Syria by the US, and there is an American sanction on Iran.He said that these are the major issues for the crude price hike in the international market. Since petroleum products are linked to the international market, there is a price increase in Indian market also.
