Union Minister for Petroleum and Natural Gas, Dharmendra Pradhan stated on Monday the reason for the hike in the fuel prices citing the lower production in the oil producing nations amid Covid-19 which has led to disturbance in the fuel demand and supply.
While addressing the media in Betul, Pradhan said, “Our main challenge is, we have to import 80 per cent of crude oil of our requirement. Due to Coronavirus, many oil producing countries stopped production or reduced it. There is a pressure on fuel price due to imbalance in demand and supply.”
He further added, “Consumption has been increasing. India is third as far as energy consumption is concerned.”
Pradhan iterated that the focus of the government is over electric vehicles, solar energy and manufacturing ethanol for taking a step towards being self-reliant. He also flagged off two welfare projects adhering to Oil and Natural Gas Corporation (ONGC).
Pradhan launched the two projects which are backed up by Energy Maharatna ONGC, which synchronizes with the vision of PM Modi about increasing the usage of renewable sources of energy. One of the projects is hostel complex training facility for farmers based at Bharat Bharati Shiksha Samhiti and the other is distribution of solar chulhas for people in Betul to make it closer to being a solar village.
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