India News | Fuel Prices Cannot Be Controlled Till India Increases Oil Production: Union Minister

Amethi (UP), May 18 (PTI) Union Minister Rameswar Teli on Wednesday said that prices of petrol and diesel cannot be controlled till India increases production of oil, saying that the country is dependent on international market for its fuel needs.

"About 83 per cent of oil consumed in the country is imported by us. We are dependent on international market, and till we increase our production, its price cannot be controlled," the minister of state for petroleum and natural gas said on the sidelines of an event here.

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"When the price of oil increases in the international market, our companies increase its price," he told reporters when asked about the rise in prices of petrol and diesel.

The minister was here to participate in an event at Rajiv Gandhi Institute of Petroleum Technology.

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He said, "We are trying to reduce pressure of import on oil. We are also coming out with electric and CNG vehicles and also working on new means."

On the occasion, the minister also distributed mobile phones to 200 meritorious students and felicitated 75 people from different walks of life.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)