NEW DELHI, April 25 (UPI) -- Expressing serious concern over the increase in global crude oil prices, India has said it will tackle the issue at an appropriate time.
"We have no control over rising global crude oil prices. It is always a cause for worry. The government will address it at an appropriate time," said Finance Minister P. Chidambaram.
He said the issue would figure in the Asian Development Board's annual general meeting in Hyderabad early next month.
"When and in what manner it would crop up is not clear," he said.
In other news, a news report said private Indian oil giant Reliance Petroleum Ltd. had fixed at $1.33 per share the price for its initial offering on the stock market to raise $600 million, increasing the total from the equity sale to $2.4 billion.
Of the 1.8 billion shares that were to be offered, RPL had in early April raised $600 million through a pre-IPO placement made to foreign funds, financial institutions and banks at $1.33 a share.
