Amidst mounting criticism from all corners against the rise in the oil prices, petroleum and natural gas minister Dharmendra Pradhan has said that the prices may come down by Diwali.

Pradhan said that the price of oil which had increased due to floods in the US will likely come down by the next month.

Two Days Free Trials & more updates for Nifty Future Tips click here SUBSCRIBE FREE >>

http://ripplesadvisory.com/nifty-future.php

The minister who was recently elevated to the cabinet rank with an additional charge of the Ministry of Skill Development and Entrepreneurship said that the recent price rise was due to the fact that production of oil had dropped by 13 percent in the US because of the floods.

Hurricanes in the US affected Houston which accounts for nearly 40 percent of its refining capacity. World prices of all refining products including petrochemicals shot up on account of the imbalance.

Pradhan also rejected allegations that the main reason for the hike in fuel prices is the high margins taken out by the oil companies. The minister said that the oil companies are government run and hence ‘everything is crystal clear.’