Stating that fuel prices had gone up because of lower production in oil-producing nations due to the COVID-19 pandemic, Union Minister for Petroleum and Natural Gas Dharmendra Pradhan on Monday said that the lower production had caused an imbalance in demand and supply.
"Our main challenge is, we have to import 80 per cent of crude oil of our requirement. Due to coronavirus, many oil-producing countries stopped production or reduced it. There is a pressure on fuel price due to imbalance in demand and supply," Pradhan said while speaking to media in Betul.
"Consumption has been increasing. India is third as far as energy consumption is concerned," he said.
The Union Minister asserted that the government was focusing on electric vehicles (EVs), solar energy, production of ethanol etc to become self-reliant in the energy sector.
On Monday, the Union Minister also flagged off two welfare projects of Oil and Natural Gas Corporation (ONGC).
In line with Prime Minister Narendra Modi's vision to increase the use of renewable energy and making India Atmrbhar, two projects supported by Energy Maharatna ONGC for the welfare of people here were launched by Pradhan.
The Minister laid the foundation stone of a hostel-cum-training facility for farmers at Bharat Bharati Shiksha Samiti. He also launched the distribution of Solar Chulhas to poor households in Betul, which is being developed as a solar village.
( With inputs from ANI )
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