STOCK MARKET BSE NSE

India to press for ‘responsible pricing’ at OPEC meet

Union Petroleum Minister Dharmendra Pradhan is set to press for ‘responsible pricing’ at a crucial meeting of oil producing nations set to be held in Vienna on June 22.

Published: 19th June 2018 01:39 AM  |   Last Updated: 19th June 2018 06:36 AM   |  A+A-

Union Minister for Petroleum and Natural Gas Dharmendra Pradhan | File photo

By Express News Service

NEW DELHI: With crude oil prices having risen steadily over the last year and India’s current account balance beginning to show the strains of rising import costs, Union Petroleum Minister Dharmendra Pradhan is set to press for ‘responsible pricing’ at a crucial meeting of oil producing nations set to be held in Vienna on June 22.

Pradhan will be India’s representative at the Organisation of the Petroleum Exporting Countries (OPEC) meet, which will deliberate on whether to continue the production cuts decided by OPEC and other oil exporters in 2017. India is likely to leverage its position as one of the largest oil consumers in the world.

Stating that the visit comes at a “crucial time when the global crude oil prices are at the highest since the peak of 2014”, the government said, “India’s engagement with OPEC is important as India sources about 82 per cent of crude oil, 75 per cent of natural gas and 97 per cent of LPG from OPEC member countries.”
Pradhan also pointed out that in official meetings with OPEC members, India has “told them that crude oil prices should be controlled, reasonable, responsible and should meet demand”.

Retail prices of petrol and diesel in India are currently ruling at around Rs 75 a litre and Rs 68 a litre. Pradhan stated out that these prices should not be out of reach of the common man.

“Why should the price go beyond $55 to $60 per barrel? India is consistent on that. Today’s oil prices are pinching us and creating problem for us. We will raise this issue in OPEC conference,” he said.


Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

IPL_2020
flipboard facebook twitter whatsapp