Union Petroleum & Natural Gas Minister Dharmendra Pradhan has attributed the spurt in oil prices to the recent American presidential elections and internal conflicts in some other countries. "The oil prices are high because of the recent presidential polls and internal conflicts in some countries. So crude oil prices have increased in the world," Pradhan told reporters at Residency Kothi.

He said that it has been decided to increase production internationally by five lakh barrels per day. "It will probably have an impact on prices soon," he hoped. Oil prices are increasing almost every day in the country. On Sunday, the petrol price went up by 28 paise and diesel by 29 paise.

The minister stated that they're on a mission to construct 5,000 compressed biogas plants in the country. "The Malwa region in the state has a great potential to utilize such plants where farmers reside in large numbers and agricultural waste is generated," he said. Pradhan said that CNG can also be made from Narwai and other agricultural residues.

Crude Oil Scales up to USD50-pb, Brent below USD50-pb

Eight core industries' output contracts 2.5 pc in October

Fuel Prices Rise vertically As Brent Crude Tops USD48 Levels