Commenting on the US' latest sanctions on Russia's largest oil companies, Russian President Vladimir Putin has said that they will not have much of an impact on the Russian economy and calling them an attempt to put pressure on Moscow.
Biden has pledged to do what he could to minimize the impact of Tuesday’s decision on gas prices, yet he did not specify whether the United States would try to import oil from other countries that have been impacted by sanctions, notably Venezuela and Iran.
Prices have been on a continuous uptrend since April 27, an industry official said adding Dubai crude oil price has risen by USD 2.91 per barrel.
This latest price hike has brought the cumulative increase in rates in three weeks to Rs 9.12 for petrol and Rs 11.01 for diesel.
The fuel companies stopped fuel supplies to Air India at six airports of Kochi, Mohali, Pune, Patna, Ranchi and Vizag on August 22 over payment defaults.
Oil sector experts said this is impossible given that oil prices change by the minute and hour and there is no question it would remain static for days.
The one advantage that dealers of government-owned oil companies enjoy is the assured supplies and support for the equipment.
Overseas national oil companies will come and through proper tendering process will help establish a strategic oil reserve at Padur," Union Minister Ravi Shankar Prasad said.
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