India has told OPEC that the current price of crude oil is very challenging and needs to be reduced slightly. India, ahead of a meeting of the Organization for the Exporting Countries (OPEC), on Tuesday said that the impact of higher oil prices should be seen as not affecting the consumption-based revival process in the global economy.
Petroleum Minister Dharmendra Pradhan said India is a price sensitive market and buys oil wherever it is competitive. Just last week, the minister again urged OPEC to end production cuts. With demand improving, oil prices have risen in the international market. Due to this, petrol and diesel prices in India have increased rapidly.
Diesel also crossed 100
Fuel prices have increased across the country and in many states and union territories, petrol costs Rs 100 per liter. While in Rajasthan and Odisha, diesel costs Rs 100 per liter. “Today’s pricing is quite challenging,” Pradhan said at the BNEF summit. I have been requesting my producer friends for the optimal price of the oil.
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“I had a very fruitful last week with OPEC General Secretary Mohammed Barkindo,” the minister said. “OPEC will meet in the next few days and I expect some price softening. It is possible to agree to increase.
Inflation has been rising due to higher oil prices
Due to increased demand and reduced supply, the price of oil in the international market has increased to over $ 75 per barrel, the highest since April 2019. High oil prices are increasing the pressure on inflation. High inflation is challenging economic growth, Pradhan said.
