Fuel prices firmed up on global cues: Pradhan

Domestic fuel prices have firmed up in recent days on global cues, according to Minister for Petroleum and Natural Gas Dharmendra Pradhan.

“Consumers in India feel the pinch of rising crude oil price as product prices also move in tandem with international cues,” Pradhan said at Federation of Indian Chambers of Commerce & Industry’s 92nd annual convention.

“A few days back US President Donald Trump tweeted that the US and China have made progress in ironing out their differences. The two inked an agreement for purchase of soybean. This improved the market sentiment and crude oil prices rose by some $2 to $3 a barrel,” Pradhan. “This led to a firming of product prices in India pinching the pockets of consumers. This is how geo-politics works,” he added.