Ministry of Petroleum & Natural Gas

Impact of US sanctions on import of oil from Iran

Posted On: 01 AUG 2018 4:18PM by PIB Delhi

Union Minister of Petroleum & Natural Gas, Shri Dharmendra Pradhan has said thatIndia has taken note of the re-imposition of US Sanctions on Iran in wake of the US pullout from the Joint Comprehensive Plan of Action on May 8, 2018.  The crude oil price fluctuation is a frequent market phenomenon and the price of crude oil is determined by many factors, including geo-political situations and demand and supply in the global market.

 

In a written reply in Rajya Sabha today, the Minister said that the contribution of petroleum sector to central exchequer during the Financial Year 2014-15, 2015-16 and 2016-17 is ₹ 1,72,065 crore, ₹ 2,53,615 crore and ₹ 3,34,534 crore respectively.

 

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