India to take measures against rising oil prices

Chemical News: India to take measures against rising oil prices

https://www.chemnet.com Nov 08,2007 Xinhua
NEW DELHI, Nov. 7 (Xinhua) -- India is likely to take measure to deal with spiraling global oil prices next week, Indian Petroleum Minister Murli Deora said here Wednesday.

"I cannot say 100 percent, but we will try to resolve it next week," Deora told reporters on the sidelines of the India-Africa Hydrocarbon Conference.

"The government is very much alive to the problems. We are trying our best to resolve this problem as early as possible. We are considering various alternatives, including duty restructuring and increase in prices," said the minister

The Indian government is reportedly difficult to cope with a situation where oil companies are facing losses of over 2 billion rupees (some 50 million U.S. dollars) daily, It feels a price hike will be politically damaging.

Global oil prices have risen and are hovering around 97 U.S. dollars per barrel Wednesday.

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