New Delhi: Rising oil prices are “a cause for concern”, Union petroleum minister Murli Deora told reporters on Monday.
Oil prices, which fell from a peak near $150 a barrel last July to the low $30s late last year, have been buoyed recently by hopes of economic and demand recovery. By 0635 GMT, US crude fell $1.14 to $70.90 a barrel while London Brent crude July, which expires later in the day, dipped $1.07 to $69.85.
“We are seriously concerned about that crude oil prices are going up in the international market,” Deora said, adding this could be met by raising prices, issuing bonds and also the possibility of contributions from oil producers.
“These are the issues which finance ministry will decide,” he said.
Deora said his ministry had also sought seven-year tax holiday for natural gas production.