India urges OPEC to move to responsible oil pricing

Last Updated: Thu, Jun 21, 2018 12:35 hrs
FILE PHOTO: A flag with the OPEC logo is seen before a news conference in Vienna

Vienna: India on Wednesday urged the Organisation of Petroleum Exporting Countries (OPEC) cartel to move to responsible pricing of oil and gas, saying the current prices are posing a threat to fragile world economic growth.

Addressing an OPEC seminar here, Indian Petroleum Minister Dharmendra Pradhan said global trade practices in the hydrocarbons sector are not contributing to energy access and affordability to all.

"It is high time to move to responsible pricing, one that balances the interests of both the producer and consumer. We also need to move to transparent and flexible markets for both oil and gas.

"We often see global trade practices in the field of oil and gas which are not contributing to energy access and affordability and become a hindrance to sustainability. Price of oil and gas have become subject to vagaries of geopolitics," he said.

Noting that high oil prices hit economic development of many countries, Pradhan said that the fragile world economic growth will be at threat if oil prices continue at these levels.

"My fear is this will lead to energy poverty in many parts of the world," he said.

Pradhan pointed out that crude prices have gone beyond the threshold which can be sustained by the world.

"These prices are creating stress throughout global economy, as it is giving pain to us in India. The already fragile world economic growth will be at threat if oil prices persist at these levels," he said.

"Political conditions, sometimes internal and sometimes external, result in reduced output of some countries. We expect from OPEC and its members a commitment to step in to more than fill the gap to ensure sustainable prices.

"It is in the interests of producers that other economies keep growing steadily and rapidly so as to ensure growing energy markets for themselves. This is the key to energy sustainability. OPEC as the predominant supplier has the responsibility to maintain supply equilibrium," he added.

Pradhan is in Vienna over June 20-21 to participate in the OPEC international seminar and will discuss these key issues with OPEC Secretary General Sanusi Barkindo and ministers from the 13-nation cartel.

OPEC and non-OPEC countries are also expected to decide on extending the output cuts, which, along with the geopolitical tensions in the Middle East, have helped push up crude prices.

The OPEC meeting comes at a crucial time when global crude oil prices are at the highest since the peak of 2014 at over $75 a barrel.

State Capitals (Applicable from 6:00 a.m. on 21-06-2018) Petrol Current Price(Per Lt) Petrol Previous Price(Per Lt) Change(Rs)
Petrol price in DelhiRs.76.16 Rs.76.27 -0.11
Petrol price in KolkataRs.78.83 Rs.78.94 -0.11
Petrol price in MumbaiRs.83.92 Rs.84.06 -0.14
Petrol price in ChennaiRs.79.04 Rs.79.16 -0.12
Petrol price in FaridabadRs.76.94 Rs.77.05 -0.11
Petrol price in GurgaonRs.76.69 Rs.76.80 -0.11
Petrol price in NoidaRs.77.09 Rs.77.17 -0.08
Petrol price in GhaziabadRs.76.97 Rs.77.06 -0.09
Petrol price in AgartalaRs.71.98 Rs.72.07 -0.09
Petrol price in AizwalRs.72.10 Rs.72.19 -0.09
Petrol price in AmbalaRs.76.28 Rs.76.39 -0.11
Petrol price in BangaloreRs.77.39 Rs.77.51 -0.12
Petrol price in BhopalRs.81.75 Rs.81.86 -0.11
Petrol price in BhubhaneswarRs.74.98 Rs.75.09 -0.11
Petrol price in ChandigarhRs.73.25 Rs.73.36 -0.11
Petrol price in DehradunRs.77.55 Rs.77.64 -0.09
Petrol price in GandhinagarRs.75.47 Rs.75.58 -0.11
Petrol price in GangtokRs.79.25 Rs.79.30 -0.05
Petrol price in GuwahatiRs.78.29 Rs.78.41 -0.12
Petrol price in HyderabadRs.80.67 Rs.80.79 -0.12
Petrol price in ImphalRs.74.25 Rs.74.36 -0.11
Petrol price in ItanagarRs.72.08 Rs.72.18 -0.10
Petrol price in JaipurRs.78.90 Rs.79.01 -0.11
Petrol price in JammuRs.77.89 Rs.78.00 -0.11
Petrol price in JullunderRs.81.36 Rs.81.47 -0.11
Petrol price in KohimaRs.74.65 Rs.74.75 -0.10
Petrol price in LucknowRs.77.03 Rs.77.12 -0.09
Petrol price in PanjimRs.70.18 Rs.70.28 -0.10
Petrol price in PatnaRs.81.65 Rs.81.76 -0.11
Petrol price in PondicherryRs.74.97 Rs.75.07 -0.10
Petrol price in Port BlairRs.65.66 Rs.65.76 -0.10
Petrol price in RaipurRs.76.57 Rs.76.68 -0.11
Petrol price in RanchiRs.76.19 Rs.76.28 -0.09
Petrol price in ShillongRs.75.58 Rs.75.67 -0.09
Petrol price in ShimlaRs.76.33 Rs.76.44 -0.11
Petrol price in SrinagarRs.80.59 Rs.80.69 -0.10
Petrol price in TrivandrumRs.79.26 Rs.79.37 -0.11
Petrol price in SilvasaRs.74.09 Rs.74.20 -0.11
Petrol price in DamanRs.74.02 Rs.74.12 -0.10

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