NEW DELHI: Petroleum minister Dharmendra Pradhan on Monday discussed volatility in crude oil prices and its impact on Indian consumers with US energy secretary Rick Perry. However, with the US’s conditional waiver for Iranian oil imports to eight countries, including China and India, expiring on 2 May, India has stopped all oil imports from the Persian Gulf nation. They also reviewed the current status of four working groups created under the Strategic Energy Partnership—oil and gas, power and energy efficiency, renewable energy and sustainable development. “They also discussed about crude oil price volatility. Since India imports over 80% of its crude needs and 18% of natural gas, higher energy prices stoke inflation and hurt the country’s economic growth.

Source: Mint June 10, 2019 15:33 UTC