Saudi Arabia has assured me of a review of the production cap, said Oil and Petroleum Minister, Dharmendra Pradhan.

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He also said that acting only on taxation won’t solve fuel price problem but appropriate steps needs to be taken at appropriate time.

The Joint declaration by Russia and UAE is needed on production cut, said Pradhan.

"I am confident that everyone will behave rationally at OPEC meet at Vienna,"he said.

The Iran sanction is a huge issue right now and high crude prices are pinching the consumers of oil, he said.

On India's relationship with oil countries, he said, "India is a very stable offtake consumer, relationship very cordial with oil countries."

He also said that there is a wait and watch situation over the impact of US sanctions on India.

On price rise in India, he said, "The government is very concerned about petroleum product price impact on all consumers and I am working with Piyush Goyal on impact of oil price rise on consumers."

The multidimensional possibility will be discussed to make fuel prices affordable. All developed economy have high taxation regime on fuel prices

Talking about affordability, he said that it will be ensured for the middle class and poor for fuel.

He also made it clear that the government has nothing to do with price build up and oil marketing companies(OMCs) are free to decide on fuel pricing and it is not a part of government work or related to elections.

There is no subsidy burden on any oil companies and all subsidy is borne by government on LPG, kerosene. Also, 5 states have reduced the VAT component last year on fuel prices.

He said that in a federal structure, reasonable tax structure is required and states have their own strategy on taxation and spending.

"The government is continuously persuading state chief ministers for reducing VAT on fuel prices and sooner or later petroleum and gas products will come under GST regime," Pradhan said adding that people have accepted GST and gradually petroleum products will come under GST.

"We have gone through the Delhi HC order on cairn India’s PSC case and the government will appeal to the double bench in the Delhi HC on cairn India’s PSC case," he said.

First Published:Jun 18, 2018 7:34 PM IST