PM calls for responsible energy pricing

Source: The Hitavada      Date: 12 Apr 2018 10:08:52


 

NEW DELHI,

“The world for too long has seen oil prices on roller coaster. We need to charge more responsible prices which balances interest of both consumer and producer,” said Modi

IN A subtle message to oil cartel OPEC, Prime Minister Narendra Modi on Wednesday said efforts to artificially distort prices are self-defeating, and a global consensus must be built for responsible pricing to provide affordable energy to all.
With ministers from Organization of the Petroleum Exporting Countries (OPEC), including kingpin Saudi Arabia, Iran and Qatar in audience, Modi said artificially distorting prices causes undue hardship particularly to importing countries.


“The world for too long has seen oil prices on roller coaster. We need to charge more responsible prices which balances interest of both consumer and producer,” he said addressing the 16th International Energy Forum (IEF) Ministerial meeting here.


The world, he said, needs to move towards a transparent and flexible market for both oil and gas. “Only then we can serve the energy need of the humanity in an optimum manner.” India, the world’s third largest oil consumer, is 80 per cent dependent on imports to meet its needs.


“Efforts of artificially distort prices are self-defeating as history has shown us. They also cause undue hardship, particularly to those at the bottom of the pyramid in developing and least-developed countries. Let us use this platform to build a global consensus on responsible pricing. This will serve interest of consumers and producers,” he said.