Oil-rich countries not looking into interest of consuming nations: Dharmendra Pradhan on rising prices

Union Minister for Petroleum and Natural Gas Dharmendra Pradhan on Saturday blamed the artificial price mechanism created by Oil-producing nations for the exponential rise in retail prices of petrol and diesel.

“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.

Facing severe criticism from opposition parties on the issue, the minister 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.