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Union Minister of Petroleum and Natural Gas secretary Pankaj Jain
| Photo Credit: K. R. Deepak

Rising crude oil prices are a cause for concern for the world’s third-largest importer of the commodity, Oil secretary Pankaj Jain said on April 3.

As a consuming nation, any increase in prices will cause concern and anxiety, Mr. Jain said at an industry event, referring to the “geopolitical premium” in crude prices.

If oil prices continue to stay higher for a month longer, oil marketing companies will take an appropriate decision, the Secretary said, when asked if there is a case for increasing retail fuel prices.

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