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India’s oil and steel minister Dharmendra Pradhan said on Monday that India’s fuel demand is expected to reach the “year-ago level” in June, as reported by Reuters.

“The oil ministry urged the finance ministry to cut some taxes for oil producers,” Pradhan told CNBC TV18. “We want restructuring of taxes for oil producers.”

Market reaction

These comments had little to no impact on crude oil prices. As of writing, the barrel of West Texas Intermediate was down 0.6% on a daily basis at $33.35.