Union Petroleum and Natural Gas Minister Dharmendra Pradhan on Saturday said that fuel price hike in the country is due to the strong dollar and stress on oil production in Iran, Venezuela and Turkey, adding that these factors aren’t in India’s hands. The minister further claimed that Indian currency is stronger in comparison to all other currencies. His statement comes a day after he supported the idea of bringing petrol and diesel under Goods and Services Tax (GST).
“Fuel price totally depends upon the US dollar. Today Dollar is, in a way, wold’s biggest exchange currency. That is creating a problem for us,” said Dharmendra Pradhan when asked about fuel price hike.
OPEC had assured world community that from July 1 they’ll produce 1 mn MT/day, additional production will be there, added Union Petroleum and Natural Gas Minister.
Union Minister further added that Finance Minister Arun Jaitley has already clarified this issue, adding that due to two major external factors, this unavoidable situation is there in the market. American Dollar is creating a unique and unavoidable situation which is not good for world’s economy also, he said while responding to a question.