India renews call for reasoble oil prices

New Delhi, April 12: India on Thursday reiterated its call for reasoble global oil pricing and invited investment in its hydrocarbons sector in line with the country’s drive to attaining energy security.

Noting that as the third largest energy consuming country India imports most of its oil and gas needs, Petroleum Minister Dharmendra Pradhan made the call for “responsible pricing” at the concluding session of the 16th Intertiol Energy Forum (IEF) ministerial here.

“India imports most its fossil fuel requirements and, at the same time, the average energy buyer in the country is very price conscious,” Pradhan said.

“It is in this context that India has coined the concept of responsible and reasoble energy pricing. I again urge producers to work for a more equitable pricing regime rather than artificially influence the market through output and investment changes.

“India is open to investment and I invite companies to invest in India’s upstream and downstream sectors, joint ventures and academic collaborations,” he added.

Prime Minister rendra Modi had iugurated the IEF 16 on Wednesday with the call for “responsible” pricing in the hydrocarbons market so as to balance the interests of oil and gas producers and consumers.

Pradhan said the “neutral” platform of the IEF made it a perfect forum of discussion between producing and consuming countries.

Siglling India’s growing global importance as an energy consumer, the IEF was held in India after a gap of 22 years.

The meeting of ministers of the 72-member IEF, hosted by India and co-hosted by Chi and South Korea, aimed to focus on how global shifts, transition policies and new technologies influence market stability and future investment in the energy sector.

Recognizing that universal access to energy is central to economic growth and welfare, the IEF16 concluding statement said: “Noting that energy poverty is one of the root causes of migration, IEF 16 delegates are placing emphasis on affordability and making the energy supply chains more affordable and sustaible.”