Other major energy consuming countries, including the United States and China will also release oil from their reserves.
The Union government has decided to release 5 million barrels of crude oil from its strategic petroleum reserves in a bid to reduce fuel prices, the Ministry of Petroleum and Natural Gas said on Tuesday. “This release will happen in parallel and in consultation with other major global energy consumers including the USA, People’s Republic of China, Japan and the Republic of Korea [South Korea],” the ministry said in a press release. The stocks will be sold to Mangalore Refinery and Petrochemicals Limited and Hindustan Petroleum Corporation Limited, PTI quoted a top government official as saying. “India strongly believes that the pricing of liquid hydrocarbons should be reasonable, responsible and be determined by market forces,” the petroleum ministry said.
