Domestic fuel prices high due to weak rupee against USD: Pradhan
New Delhi, Sep 8 : Union Petroleum Minister Dharmendra Pradhan on Saturday said a weak Indian rupee against the US dollar and supply side constraints have led to high domestic fuel prices.
The minister's comments come in the backdrop of the petrol price crossing the record high level of Rs 80 per litre in Delhi.
The rupee, according to Pradhan, is as "strong as ever" in comparison to currencies other than the dollar.
"Today Indian currency is stronger as ever in comparison to other currencies, but oil… How do we purchase our oil? Through dollars… Today, dollar in a way is world's biggest exchange currency, that is creating problem for us," the minister said on the sidelines of the Global Mobility Summit here.
The Indian rupee stood at 71.73 per US dollar on Friday -- 73 paise weaker from the previous week's close of 71 per greenback.
Currencies globally have depreciated against the US dollar in the past few weeks due to global trade concerns and following a plunge in the Turkish Lira after the US threatened sanctions on Turkey.
He further said that the Organization of Petroleum Exporting Countries had assured of increasing oil supply from July 1, 2018, but has not been able to do so due to internal issues in some of its member countries, which has increased pressure on oil supply.
Regarding initiatives to decrease dependence on conventional transportation fuel, Pradhan said that the government is focusing on increasing ethanol and bio gas production among others.
Speaking at the conclave about the gas based transportation solutions, the minister said that the use of compressed natural gas (CNG), liquefied natural gas and bio-CNG is being promoted in the sector, and there are plans in place to have about 10,000 CNG stations within a decade, covering over half the country.
On the issue of promoting LNG as a fuel for long distance transportation by heavy commercial vehicles, he said that efforts are being made by public sector oil companies and some private enterprises in setting up LNG distribution infrastructure.
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Modi should leverage his ties with world leaders to de-escalate war in West Asia: Omar Abdullah
Jammu (PTI): Jammu and Kashmir Chief Minister Omar Abdullah on Monday said India can play a meaningful role in de-escalation in West Asia, given Prime Minister Narendra Modi's strong relations with the warring countries and their neighbours.
He said Pakistan was leveraging ties with Iran and the United States, and that any effort towards ending the war should be welcomed.
"As I said in the House (Assembly), we would like the war to end as soon as possible. The role that the prime minister can play may not be possible for anyone else because of his good relations with all these countries," Abdullah told reporters on the sidelines of a function here.
He, however, said any escalation would not be easy to manage.
"Any such move by US President Donald Trump, despite the long history of Iran resisting external domination, would not be easy," the chief minister said.
Asked about Pakistan mediating in the war, he said, "I will simply say that if any country can play a role in preventing this war, no one should have any objection to it."
He added, "I will repeat what I said … our prime minister has good and close relations with all countries — whether it is Israel, the United States, Iran, or the countries around Iran. If those relationships can be used to make some progress and help ease the situation, it would be a good thing."
Abdullah said attacks by terror groups like Lashkar-e-Taiba and Jaish-e-Mohammed in India, as suggested by a report from the United States, are not unlikely.
Meanwhile, he asserted that any efforts to end the war, be it from Pakistan, must not be resisted.
"Pakistan is using its good relations with Iran and the United States to its advantage, and it has done so. How can we object to that? If that angle helps in stopping the war, would you want them not to act and let the war continue? We want the war to stop. If any country can play a role in that, it should. And if we can play an even better role, then we should do so," he said.
On unemployment in J-K, the chief minister said the issue cannot be resolved overnight, and government jobs alone are not the solution.
He stressed the need to explore alternative avenues, highlighting the importance of Mission Yuva in promoting entrepreneurship.
"Mission Yuva provides not just funding but also support in preparing DPRs and post-startup assistance, such as marketing. In just nine months, distributing Rs 1,000 crore and approving numerous schemes is a significant achievement," he said.
Abdullah credited the coordination between the government and Jammu and Kashmir Bank for the scheme's progress.
