India has strong hold on global markets: Union minister Dharmendra Pradhan at E-Agenda Aaj Tak

Speaking at E-Agenda Aaj Tak, Dharmendra Pradhan, Minister of Petroleum and Natural Gas and Minister of Steel, said that the drop in prices of crude oil across the globe is posing a challenge and because of its good relationship with neighbouring countries, India is able to manage the crises.

Union Minister Dharmendra Pradhan. (Photo: PTI)

Union Minister Dharmendra Pradhan said on Saturday said that India has a strong hold on the global market which is now helping it to tackle the novel coronavirus crisis.

Speaking at E-Agenda Aaj Tak, Dharmendra Pradhan, Minister of Petroleum and Natural Gas and Minister of Steel, said that the drop in prices of crude oil across the globe is posing a challenge and because of its good relationship with neighbouring countries, India is able to manage the crises.

“Our good relations with [oil producing] Saudi Arabia, Oman and Qatar,” India has managed to satisfy the country’s consumption pattern. “Have also asked other nations to help India,” Dharmendra Pradhan said.

“We have increased our oil imports… and now we are buying oil at discounted prices,” which implies that India has a stronghold on global markets, Dharmendra Pradhan said.

He said that the countries are facing the situation of low demand and surplus production for the first and India is trying its best to not let common people get affected by the crisis.

Dharmendra Pradhan further said that India is capable of maintaining supply chains to other nations in need but the priority is to fulfill India’s own need first.

He said that at such a crucial time, India is supplying medicines and other medical equipment to 120 nations.

Speaking about the price and diesel prices, he said that the money incurred with the sale of crude oils will be used to boost the coronavirus situation, infrastructure, and safety of the health workers.

Dharmendra Pradhan also said that 8 million metric tonnes of oil were recently brought in India via ships. “India has a storage capacity of 25 million metric tonnes — oils products and crude oil.”

“We have managed to save one-fourth of oil for future use,” he said.

Keeping in view the oil crises and subsequent impact on LPG consumptions, Dharmendra Pradhan said that 55-60 lakh LPG cylinders are delivered everyday and maximum of them are the Ujjawala Yojana beneficiaries.

IndiaToday.in has plenty of useful resources that can help you better understand the coronavirus pandemic and protect yourself. Read our comprehensive guide (with information on how the virus spreads, precautions and symptoms), watch an expert debunk myths, and access our dedicated coronavirus page.
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About the author: Sohom Das
Founder of Tuccho.

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