Raising concerns over mounting oil prices which are now at the highest since the peak of 2014, Indian Oil Minister Dharmendra Pradhan has asked the Organisation of Petroleum Exporting Countries (OPEC) to move to responsible pricing, one that balances the interests of both the producer and consumer.
Oil Minister also expressed worries over negative impact of higher oil prices on consumers across the world, particularly in India and added that globally prices have risen beyond the threshold which can be sustained by the world. Besides, he highlighted that market fundamentals do not support such high prices.
Further, Pradhan also highlighted the issue of discriminatory pricing through measures such as Asian Premium on oil being charged by OPEC producers and urged OPEC to move to transparent and flexible markets for both oil and gas.
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% of India’s total crude oil imports, 98% of our LPG imports and 74% of our LNG imports during the last financial year.
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