Savings Due to Fall in Crude Oil Prices
The Minister of State (I/C) for Petroleum & Natural Gas Shri Dharmendra Pradhan informed the Rajya Sabha in a written reply today that as per available information, due to reduction in the price of the crude oil in international market, import bill of the Public Sector Oil Companies has been reduced from ' 447615 crore in 2013-14 to ' 355382 crore in 2014-15. However, such drop in the price of crude oil also results in the reduction in gross revenue of Public Sector Oil Companies engaged in production of crude oil. Similarly, Public Sector Oil Marketing Companies (OMCs) reduce the retail selling prices of Petrol and Diesel due to their linkage with international prices.
MJPS/Rk
