Business Standard

Oil prices very challengin­g: India to OPEC

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Ahead of a meeting of oil producers’ cartel OPEC, India on Tuesday said the current oil prices are “very challengin­g” and rates need to be a “little bit sober” lest they impact a consumptio­n-led recovery of the global economy. Oil Minister Dharmendra Pradhan, who last week again urged OPEC to phase out its production cuts, said India is a pricesensi­tive market and it will buy oil wherever it gets competitiv­e rates. The rebound in internatio­nal oil prices from lows hit last month on the back of demand recovery has led to a spike in petrol and diesel retail prices in India. Fuel rates are at record highs across the country and petrol has crossed ~100 a litre mark in about a dozen states and union territorie­s, while diesel is being sold at over ~100 a litre in Rajasthan and Odisha.

“Today's price is a very challengin­g one,” Pradhan said at BNEF Summit. “I am persuading my producer friends” for a reasonable price of oil. He said he had a very good discussion with OPEC Secretary-general Mo ham med bark in do last week .“op ec meeting is supposed to be there in the next few days, and I hope the price will be a little bit sober, that is our expectatio­n,” he said.

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