Union Petroleum and Natural Gas Minister Dharmendra Pradhan on Saturday said there was no need to ‘panic’ about oil prices owing to present tensions between Iran and the U.S.
“The government has taken a position to wait and watch and there is no need to panic,” he said on the sidelines of a CII event.
“There is no dearth of crude oil in the global market. Yes, there has been some spike in oil prices, but for the last two days it [has been] subdued,” he said. Crude oil prices rose to a 3-month high of almost $72 a barrel soon after Iranian air strikes at U.S.-Iraqi military bases, but cooled off amid speculation that Tehran is opting for limited retaliation over the killing of its top general.
