15.7 C
New Delhi
Sunday 15 December 2019
India PM Modi to oil producers: High crude prices hurting...

PM Modi to oil producers: High crude prices hurting global growth

Oil Minister Dharmendra Pradhan said India is "facing severe headwinds from rising oil prices" which have risen by 50% in dollar terms and 70% in rupee term in the last one year

New Delhi: Prime Minister Narendra Modi Monday warned oil producers like Saudi Arabia that high crude prices are hurting the global economy and sought a review of payment terms to provide a temporary relief to the local currency.

 

India, the world’s third-biggest oil consumer, has been over the past two months battered by high crude oil prices that have sent retail petrol, diesel and LPG rates to record high, posed inflationary risks and together with a sliding rupee threatened to upset its current account deficit. Also, unrelenting fuel price rise since mid-August has negated cut in taxes and subsidy.

With Saudi Arabia Oil Minister Khalid A Al-Falih and a UAE minister listening, Modi at his third annual brainstorming with the chief executives of top global and Indian oil and gas companies underscored how crude oil prices at a four-year high were hurting global growth.

The Indian rupee has fallen 14.5% this year, making imports costlier. The country is over 83% dependent on imports to meet its oil needs.

Later speaking at the India Energy Forum, Saudi Oil Minister said Modi at the meeting raised the issue of “consumer pain” from high crude oil prices.

“We heard it today loud and clear from prime minister (about consumer pain),” Al-Falih said.

“Prime minister cautioned producers like me not to kill the hen that lays the golden egg,” he said referring to consumers are the golden hen.

Oil Minister Dharmendra Pradhan said India is “facing severe headwinds from rising oil prices” which have risen by 50% in dollar terms and 70% in rupee term in the last one year.

The meeting, which was also attended by Finance Minister Arun Jaitley and NITI Aayog vice-chairman Rajiv Kumar, was called to discuss emerging energy scenario particularly ripples from US sanctions on Iran and volatile oil prices threatening global growth.

Subscribe to our newsletter

You will get all our latest news and articles via email when you subscribe

The email despatches will be non-commercial in nature
Disputes, if any, subject to jurisdiction in New Delhi

Leave a Reply

Opinion

Justice That Is Instant Is Travesty

But neither the state nor society can wash their hands off this social craving for settling scores in the name of doing justice to the victim

Karnataka Voters Punished INC, JDS Leaders

Even the BJP was not confident of the result even as their leaders kept saying for public consumption they were winning all the 15 seats

The United States Of The World

The United States, stereotyped as the land of plenty and plentiful guns, is still a destination of choice for people from across the world

प्याज़ के आँसू न रोएँ — महंगाई से किसान, उपभोक्ता दोनों को फ़ायदा

जिस अल्प मुद्रास्फीति की वजह से वे सरकार से बहुत खुश थे, उसी 1.38 प्रतिशत की खाद्यान्न मुद्रास्फीति के कारण किसानों को अपने पैदावार के लिए समुचित मूल्य नहीं मिल रहे थे

CAB Can Correct Wrongs Of NRC

… if the government can fix the inept bureaucracy and explain what happens to those marked as aliens, as the neighbours are not taking them back
- Advertisement -

Elsewhere

Decision to amend Citizenship Act 1,000% honest: PM Modi

'We have brought this law to give citizenship to minorities of Pakistan, Afghanistan and Bangladesh who have endured a lot of persecution'

Nirbhaya case convicts: Why 2 will take longer to die

Further, a source in the jail said while four rapists and killers of Nirbhaya are supposed to hang on one day, they have ordered 10 ropes

India to begin ODI series as favourites against West Indies

Shimron Hetmyer and Nicholas Pooran have shown their ability in T20; if the WI must challenge India, they will have to do the same in ODIs

‘Rahul Savarkar’ remark riles INC ally Shiv Sena

More newsworthy than the BJP's response that Rahul cannot even dream of being a Savarkar is the protest by Shiv Sena, INC's ally in Maharashtra

Leela Samson, favourite artiste of UPA, arrested for corruption

The CBI had received a complaint on 31 May 2017 about some 'unfruitful expenditure' of Rs 7.02 crore on the renovation of Koothambalam Auditorium at the Kalakshetra Foundation

You might also likeRELATED
Recommended to you

For fearless journalism

%d bloggers like this: