India has taken up the issue of high oil prices with producer nations and OPEC, demanding affordable rates, Minister of State for Petroleum and Natural Gas Rameswar Teli told the Lok Sabha on Monday.
Petrol and diesel prices have shot up to record highs across the country after relentless price increases since early May. Petrol is retailing above Rs 100 a litre in more than a dozen states.
“The Government has been taking up the issue, bilaterally with crude oil-producing countries as well as with the Organization of Petroleum Exporting Countries (OPEC) for affordable crude prices for consuming countries like India,” Teli said in a written reply to a question in the Lok Sabha.
India imports 85 per cent of its oil needs and rates benchmarked to international prices have fuelled inflation. “Minister for Petroleum and Natural Gas held meetings with Secretary-General of OPEC and also engaged with heads of other
international energy fora to convey India’s serious concerns over crude oil price volatility, and India’s strong preference
on responsible pricing by producers and reasonable pricing for consumer countries, which is mutually beneficial for consumers
and producers,” Teli said.
The new oil minister Hardeep Singh Puri has in the last few days flagged the issue of high oil prices to Saudi Arabia, UAE and Qatar.
On Sunday, OPEC and its partners reached a deal to increase oil production by 400,000 barrels per day (bpd) each month for the rest of this year and into 2022.
