BUSINESS

‘Need to move to responsible pricing in crude, balance interests’

balance interests

Greater Noida: Prime Minister Narendra Modi on Monday said that the world has seen crude prices on a roller-coaster ride for too long and there was a need to move to responsible pricing which balances the interests of both the producer and consumer. Addressing the Petrotech 2019 global energy conference here, Modi also emphasised on transparent and flexible markets for oil and gas. Modi said he has always maintained that oil and gas were not only a commodity of trade but also of necessity and energy is essential whether it is for the kitchen of a common man or for an aircraft.

“For too long, the world has seen crude prices on a roller-coaster. We need to move to responsible pricing, which balances the interests of both the producer and consumer. We also need to move towards transparent and flexible markets for both oil and gas. Only then can we serve the energy needs of humanity in an optimal manner,” he said. Modi said energy is also a key driver of socio-economic growth.

“Suitably priced, stable and sustainable energy supply, is essential for rapid growth of the economy. It also helps the poor and deprived sections of society, to partake of economic benefits. “At the macro level, the energy sector is a pivot and key enabler of growth,” he said. The Prime Minister said that energy supply, source and consumption patterns were changing and this could be a historic transition. “There is a shift in energy consumption from the West to East. The US has become the world’s largest oil and gas producer after the shale revolution.” (IANS)

 

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