Minister Stresses Need for Responsible Crude Oil Pricing

Mr. Dharmendra Pradhan, Minister for Petroleum & Natural Gas and Skill Development & Entrepreneurship, met with the Ambassadors from OPEC countries to India recently to raise the issue of responsible crude oil pricing. The block accounted for about 83% of India’s total crude oil imports, 98% of LPG imports and 74% of LNG imports during the last financial year.

An official statement said Mr. Pradhan expressed his concern over rising crude oil prices and its negative impact on consumers across the world, particularly in India. He emphasised that globally crude prices have gone beyond the threshold that can be sustained by the world. He also stated that market fundamentals do not support such high prices and urged the OPEC Ambassadors to convey the message to their respective governments regarding the need to move to responsible pricing, one that balances the interests of both the producer and consumer.

He reiterated the issue of discriminatory pricing through measures such as ‘Asian premium’ and urged the move to transparent and flexible markets for both oil and gas, the statement added.

The meeting comes at a crucial time when the global crude oil prices are at the highest since the peak of 2014.

Dharmendra Pradhan