NEW DELHI, Nov 13: India, which imports 70 per cent of its oil needs, is “very concerned” about crude prices rising to nearly 100 dollars, Petroleum Minister Murli Deora said on Tuesday.
“As international oil prices are close to 100 dollars per barrel ... we are very concerned,” he told a news conference in the capital.
But the Indian government, which heavily subsidises fuel, had no plans to push up prices at the pumps to compensate for losses.
“We don’t want to burden the poor man... Let (the prices) stabilise and then we will take a decision,” the minister said.
Oil futures have pulled back from a record-breaking run that pushed them to all-time highs last week of $98.62 in New York.
Crude prices continued to fall on Tuesday in London, where Brent for December delivery dropped 76 cents from Monday to 91.22 dollars.
India is seeking new supplies of oil and gas from abroad and ramping up production from domestic sources to fuel its rapid economic growth.—AFP
