As fuel prices climbed to a record high, India’s new Petroleum Minister Hardeep Singh Puri has started dialling oil-producing nations to impress upon them for a need to make prices affordable for consumers.
Puri, who last week called Energy Minister of Qatar, on Wednesday dialled his counterpart in the UAE, Sultan Ahmed Al Jaber.
“Conveyed my desire to work closely with UAE and other friendly countries to bring a sense of calm, predictability and realism among other suppliers in the energy market to make it more affordable for consumers,” Puri tweeted.
The rebound in international oil prices from lows hit in May on the back of demand recovery has sent petrol and diesel rates to a record high in India. Petrol has crossed the Rs -100-a-litre mark in more than one and a half dozen states and union territories, while diesel is being sold at over Rs 100 a litre in Rajasthan and Odisha.
“Had a warm courtesy call with HE Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and MD & Group CEO of @AdnocGroup. Discussed ways and means to invigorate the vibrant bilateral strategic energy partnership between India and UAE,” Puri said.
India, which imports 85 per cent of its oil needs, has long pressed producers’ cartel OPEC and its allies, called OPEC+, to phase out its production cuts and allow oil prices to come to reasonable levels.
The world’s third-largest importer has many times called on OPEC to price oil at reasonable levels that support growth and stop propping up prices with its output cuts. The UAE is a member of OPEC but has had a falling out with the grouping over production quotas at the meeting of the alliance earlier this month.