India Seeks Reasonable Oil Prices From OPEC And Others

New Oil Minister Hardeep Singh Puri has in the past few weeks flagged the issue of high oil prices to Saudi Arabia, the UAE, Kuwait & Qatar

NEW DELHI: India has asked crude oil producers, including OPEC, to price oil at reasonable rates and to provide better commercial terms like enhanced credit period, Minister of State for Petroleum and Natural Gas Rameswar Teli told the Rajya Sabha on Wednesday.

Petrol and diesel prices have shot up to record highs across the country after relentless price increases since early May. Petrol is retailing above Rs 100 a litre in one-and-a-half-dozen states.

In a written reply to questions in the Upper House of Parliament, the minister said the world’s third-largest oil consumer has taken up with producing nations the need to price oil at reasonable levels.

India, which imports almost two-thirds of its oil needs from the West Asia, has sought better commercial terms like optional volumes in yearly supply contracts and larger time to pay for oil bought. State-owned oil firms have term contracts guaranteeing a fixed volume of oil in a year with national oil companies of West Asian nations for import of crude oil, he said.