India wants transparency in oil market: Oil Minister
India wants greater transparency and balance in the oil market to ensure its fiscal position is not unduly stretched due to rising prices, Minister of State (Independent Charge) for Petroleum and Natural Gas Dharmendra Pradhan told the 6th Asian Ministerial Energy Roundtable in Qatar.
Pradhan emphasised on the need for oil suppliers to make efforts for a responsible and reasonable pricing.
“I believe that an opportune time has now come when this ‘Energy Poverty’ must give way to ‘Energy Justice’. In order to do so, the oil suppliers must make earnest efforts for a responsible & reasonable pricing which will be sustainable,” Pradhan said.
He also reiterated the demand to end the practice of charging ‘Asian Premium’ and instead provide an ‘Asian Dividend’ to countries like India.
Pradhan also was of the view that to achieve a more stable oil market, large buyers and large sellers of oil need to develop mutual investment linkages.
Apart from the roundtable, Pradhan also had bilateral meetings with the Prime Minister of Qatar and the Qatari Energy Minister. He also met with counterparts from Saudi Arabia, Bangladesh, Russia, UAE, Malaysia, Brunei, and Aldo Flores-Quiroga, the Secretary General of International Energy Forum.
Pradhan was accompanied by the ambassador, senior official of the Ministry of Petroleum and Natural Gas and top officials of Indian Oil, GAIL, EIL, and Petronet LNG Ltd.