Govt "relieved" over dip in oil prices

New Delhi, June 22 (ANI): Oil Minister S. Jaipal Reddy on Friday said the government was relieved to witness a drop in global crude oil prices, however, the falling value of the Indian rupee remained a matter of severe concern.

Speaking to reporters, while launching a Liquefied Petroleum Gas (LPG) transparency portal, Reddy said that the government had been keeping a close watch on the changes in oil prices and devaluation of rupee.

"We are relieved that the prices of crude oil have eased but we are also aware of the fact this relief has been unhappily offset by the decrease in the value of rupee. We are watching the situation with keen interest," Reddy said.

The rupee tumbled beyond the 57-mark, hitting a record low for a second consecutive session, while oil fell to an 18-month low- below $89 a barrel -on Friday and was heading for its biggest weekly loss in about a year.

As the economic outlook darkens, oil supply remained ample. The Organization of the Petroleum Exporting Countries is pumping about 1.6 million barrels per day (bpd) more than the demand for its oil and its own supply target, according to OPEC figures. (ANI)