With the global crude oil prices at one of the highest rates since 2014 and fuel retailing in the country at one of the highest rates ever, Dharmendra Pradhan, Minister of petroleum & natural gas and skill development & entrepreneurship, met with the ambassadors from OPEC countries to India to urge their respective governments for a more responsible fuel pricing.
India has a strong engagement with the OPEC countries and top 8 suppliers of crude oil to India are OPEC member countries. The block accounted for about 83 percent of India’s total crude oil imports, 98 percent of LPG imports and 74 percent of LNG imports during the last financial year.
The minister has asked the ambassadors of these countries in India to consider a pricing strategy that would balance the interests of both the producers and the consumers. He reiterated the issue of discriminatory pricing through measures such as Asian Premium.
Dharmendra Pradhan is scheduled to visit Vienna next week from June 20-21, 2018 to participate in the 7th OPEC International Seminar to further discuss these key issues with Sanusi Barkindo, Secretary General of OPEC and Ministers from OPEC member countries.
(Photo credits: Dharmendra Pradhan/Twitter)
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