Vijayawada: Union Petroleum and Natural Gas Minister Hardeep Puri said that global oil prices will decrease as more and more oil is coming in the global market from countries around the world, which will help control inflation. He said that India imports from 40 countries. Due to adequate oil supply in the world, oil producing countries will reduce prices.
Trump has also insisted on increasing oil production in the US. Currently, the US produces 1.3 million barrels of oil per day and is expected to increase to 1.6 million barrels per day. India mainly attempts to get oil at a minimum possible price.
He clarified that the main objective of India is to buy oil at cheap prices, which will help control inflation. India buys $ 20 billion oil from America. Brazil currently produces 3 million barrels of crude oil per day and has started an additional production of 1.5 million barrels. Similarly, Guyana, Suriname and Canada are also producing oil.
Apart from this, as the situation in South America improves, Venezuela oil will also come in the market. Trump has made it clear that he wants more and more oil in the market.
He said that India is the only country which has reduced petrol prices by cutting excise duty in the last three years. India reduced excise duty in November 2021 and May 2022. Among them, BJP ruled states have also reduced VAT. He said that between February 2022 and 2025, there is 48 percent of petrol prices in Pakistan, 14.7 percent in Bangladesh, 37 percent in Sri Lanka, 16.2 percent in Nepal, 14.2 percent in the US, 4.8 percent in Italy, 4.2 percent in Spain and in France There will be an increase of 4.2 percent. Whereas in India its prices fell by 0.7 percent.
