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OPEC meeting: India to press for fair fuel price

Business News, Nation, (Vienna), [Austria], June 20:-Union Minister for Petroleum and Natural Gas Dharmendra Pradhan said on Wednesday that India will again appeal to the Organisation of the Petroleum Exporting Countries (OPEC) for a reasonable fuel price.

Pradhan said, “Being a consuming country, we always expect a reasonable fuel price. India is consistent on this issue for the last few years and we’ll repeat our appeal in the seminar. They’re taking us seriously. Four years back, they were just listening to us. In an era of consumerism, India will have its own voice.”

Pradhan added that India should get reasonable and inexpensive fuel prices as per requirements.

Highlighting the importance of the OPEC seminar, he further said, “In the era of energy security, this OPEC seminar will play a major role of reassurance for non-disruptive energy supply network.”

On Monday, Pradhan said India will raise the issue of the recent fuel price hike at the OPEC meeting.

“The OPEC countries are going to meet in Vienna. India is also going to be a part of it. We will put our points forward. We’ll seek responsible crude oil pricing from OPEC and we will ensure that oil prices remain within common man’s reach,” he told reporters in Delhi.

Pradhan had also pointed out that the less production of oil in the OPEC, reduced value of the Indian rupee in comparison to the US dollar and a hike in crude oil price in the international market were some of the factors affecting fuel prices in India.

As per a release from OPEC, the organisation will host the 7th OPEC International Seminar at the Imperial Hofburg Palace in Vienna, Austria, on June 20-21 under the theme – ‘Petroleum – cooperation for a sustainable future’.

The seminar will provide fresh impetus to key petroleum industry issues and challenges, helping to enhance existing avenues of dialogue and cooperation, while stimulating new ones.

It will feature presentations by officials from energy and oil ministries, executives from oil companies and financial firms, and other representatives from international organizations and research institutions, according to the release.

The meeting will seek to reinforce OPEC’s longstanding commitment to strive towards a secure and stable market in support of a healthy global economy. It will also highlight the need for continuing promotion of cooperation and dialogue with all oil industry stakeholders, including producers and consumers.

-(NAV, Inputs: Agencies)

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