Aiyer: Enough forex reserves for crude import
By Our Corporate Bureau | 06 Apr 2005
New Delhi: The petroleum minister, Mani Shankar Aiyar, has said that the rising global crude oil prices was a matter of concern, but India had sufficient foreign exchange reserves to meet its crude oil import requirements.
He
said that prices at $58 a barrel were unprecedented
and there was considerable speculative volatility in
the market.
On
whether the oil companies were suffering losses, Aiyar
said, "none of them are facing enormous losses,
but there is under recovery of the revenue''.