Question : INCREASE IN PRICES OF CRUDE OIL

(a) whether the prices of crude oil in international market has been increasing constantly during the last three years;

(b) if so, lowest and highest prices of crude oil in international market during 2001-02, 2002-03 and 2003-04;

(c) the average price assessed by the Government during each of these years; and

(d) the reasons for continuous increase in crude oil price ?

Answer given by the minister

MINISTER OF PETROLEUM & NATURAL GAS AND PANCHAYATI RAJ (SHRI MANI SHANKAR AIYAR)

(a) to (c): During the period 2001-2002 to 2003-2004, the lowest, highest and the average price of the Indian basket of crude oil was as follows :

(US $/barrel)
Year	Lowest	Highest	Average
2001-02	16.14	28.61	22.54	2002-03	22.23	32.60	26.60	2003-04	22.79	33.00	27.98

(d): The reasons for increase in the international crude oil prices inter alia include geopolitical instability in the Middle East region, increase in oil demand, especially, in China and USA, lack of spare production capacity to meet the increased demand, etc.

Question : INCREASE IN PRICES OF CRUDE OIL

Answer given by the minister

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