India is continuing to push for responsible pricing for crude oil.

Dharmendra Pradhan, Minister for Petroleum & Natural Gas and Skill Development & Entrepreneurship, met with the Ambassadors from OPEC countries to India on Thursday to raise the issue. The block accounted for about 83 per cent of India’s total crude oil imports, 98 per cent of LPG imports and 74 per cent of LNG imports during the last financial year.

An official statement said Pradhan expressed his concern over rising crude oil prices and its negative impact on consumers across the world, particularly in India.

He emphasised that globally crude prices have gone beyond the threshold which can be sustained by the world. Pradhan highlighted that market fundamentals do not support such high prices and urged the OPEC Ambassadors to convey the message to their respective governments regarding the need to move to responsible pricing, one that balances the interests of both the producer and consumer.

He reiterated the issue of discriminatory pricing through measures such as ‘Asian premium’. Pradhan urged the move to transparent and flexible markets for both oil and gas, the statement added.

The meeting comes at a crucial time when the global crude oil prices are at the highest since the peak of 2014. Pradhan is scheduled to visit Vienna from June 20 to June 21 to participate in the 7th OPEC International Seminar to further discuss the key issues with Sanusi Barkindo, Secretary-General of OPEC, and Ministers from OPEC-member countries.

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