Country facing 'economic crisis' due to crude imports, says Nitin Gadkari; blames OPEC countries for oil price hike
India is the third largest importer of crude oil and rising international oil prices are inflating domestic transport fuel costs in a strong demand environment.
Union Minister Nitin Gadkari on Friday said tribals were being encouraged to accumulate non-edibile seeds for producing biofuel as the government looks to reduce dependence on crude oil imports.
India's trade deficit widens to more than five-year high of $16.6 bn; imports soar by 21.31% to $44.3 bn
The trade deficit in June 2018 is the highest since November 2014 when the gap was $16.86 billion. The deficit in June 2017 stood at $12.96 billion
India says it will take steps to ensure energy security after US asks it to cut oil imports from Iran
India's reaction to the Trump administration's warning against import of oil from Iran came on a day the US Ambassador to the UN, Nikki Haley said that New Delhi should rethink its ties with Iran
Decisions on taxation of fuels would have to be taken and the present relief provided by OPEC should be leveraged to take a concerted view.
With the government's compensation for subsidised sale of fuel not forthcoming, the state-run oil firms have been heavily borrowing from banks to pay for their crude oil imports.
Finance Minister Pranab Mukherjee today said the recent hike in petrol prices will have some impact on inflation, which is currently hovering close to the double-digit mark.