Dharmendra Pradhan blames artificial price mechanism by oil producing nations for fuel price hike
Kochi, Feb 13: Facing flak from opposition parties over rising fuel prices, Oil Minister Dharmendra Pradhan on Saturday blamed the artificial price mechanism created by the Oil producing nations for spiralling retail prices of petrol and diesel which have touched an all time high.
Noting that India meets 80 per cent of its fuel requirement from oil producing nations, the minister said "we are facing challenges on the price" as the crude oil price was again on a rising trend.
Pradhan, who is here to attend the inauguration of the Petrochemical Park at BPCL Kochi Refinery by Prime Minister Narendra Modi on Sunday, said there was a total collapse in demand for petroleum across the world due to the COVID-19 lockdown and petroleum producers had to reduce production.
"Now the economy has revived and India has returned almost to the pre-COVID position. However, the oil producers have not increased production."
"I am sorry to say oil rich countries are not looking into the interest of consuming countries. They created an artificial price mechanism. This is pinching the consuming countries," Pradhan told reporters in response to a query on rising fuel prices in the country.
The minister, however, said recently some initial positive things have been indicated by the oil producing countries.
The minister also said the situation arising out of the COVID-19 crisis contributed to the oil price hike.
He cited the government's increased spending in welfare and developmental programmes to justify the increase in the petroleum products.
"Some components of the petroleum price are coming from the tax regime. We are passing through an unusual phase due to the Covid pandemic."
"The spending of the Union and state governments have gone up.There is a 34 per cent increase in capital expenditure in the budget. But we have to carry forward our economy and we need resources," he said.
His statement came a day after the Congress said it was planning a nationwide protest against increasing fuel prices.
The opposition party has attacked the BJP-led government at the Centre over the soaring prices of diesel and petrol and alleged that it was not willing to lower the excise duty on diesel and petrol to ease the burden on the people.
Pradhan also justified the decision to implement a Rs 6000 crore project at BPCL Kochi refinery ahead of disinvestment, saying the project will facilitate production of niche petrochemicals which are predominantly being imported in the country.
He said this will create new industries and new job opportunities in Kerala.
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EAM Jaishankar meets Jamaican PM, gifts over 10 BHISHM Cubes
Kingston (PTI): External Affairs Minister S Jaishankar on Monday met Jamaican Prime Minister Andrew Holness and discussed ways to further deepen "political, economic and people-to-people cooperation."
Jaishankar also conveyed greetings from Prime Minister Narendra Modi to Holness.
"Pleased to call on Prime Minister @AndrewHolnessJM in Kingston. Conveyed the greetings of PM @narendramodi," Jaishankar posted on X.
"Discussed deepening our political, economic and people-to-people cooperation. Value his commitment towards further strengthening India-Jamaica relations," the post further read.
Also, the external affairs minister handed over 10 BHISHM (Bharat Health Initiative for Sahyog Hita & Maitri) Cubes as a gift to Jamaica.
"Formally handed over 10 BHISHM Cubes as a gift from India to Jamaica, in the presence of PM @AndrewHolnessJM, Health Minister @christufton and FM @kaminajsmith," Jaishankar posted on X.
"The BHISHM Cube mobile hospital system, designed for rapid deployment, will help Jamaica during disasters and emergencies. The gift of these cubes is a statement of friendship, a commitment to disaster preparedness, and an outcome of innovation," the post said.
Jaishankar arrived in Kingston on Saturday evening, marking the first leg of his nine-day tour of Jamaica, Suriname, and Trinidad and Tobago, aimed at further strengthening India's strategic and cultural ties with the Caribbean nations.
Earlier in the day, he interacted with the Indian diaspora and discussed India's ongoing transformation in infrastructure, human development and technology-driven governance and entrepreneurship with them.
He also highlighted the cricket bond between both countries as India gifted a scoreboard to Jamaica.
A scoreboard was dedicated at Sabina Park in Kingston. It is the home of the Jamaica cricket team and is the only Test cricket ground in the Caribbean island nation.
The minister expressed hope that the new scoreboard would witness many memorable innings, including those symbolising the enduring friendship between the two countries.
Cricket has long been a strong cultural bridge between India and Jamaica, which is part of the West Indies cricket team.
Jamaican players, including Chris Gayle, Courtney Walsh and Michael Holding, have played a major role in shaping the legacy of West Indies cricket in the international arena, contributing to its dominance in earlier decades and its continued global appeal.
