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Dharmendra Pradhan Asks Saudi Arabia Exporter To Keep Oil Prices At Reasonable Rates

NEWS WORLD INDIA | 0
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| March 12 , 2019 , 12:18 IST

Oil Minister Dharmendra Pradhan asked the world’s largest oil exporter Saudi Arabia to keep oil prices at a reasonable level before the polls.

Certainly, Saudi Arabia is the second largest supplier of crude, LPG to India whereas, In 2017-18, India’s crude oil imports from Riyadh accounted for 16.7% of total imports

However, Fuel prices have risen sharply over the past one month. In Delhi, petrol price rose by Rs 2.12 a liter to Rs 72.40 on Sunday and diesel by Rs 2.03 to Rs 67.54 a liter.

Pradhan raised the issue of rising oil prices with the visiting Saudi Oil Minister Khalid Al-Falih late last night and sought a role of the Kingdom in cooling rates.

“Shared my concern on the rising oil prices and sought active role to be played by Saudi Arabia for keeping oil prices at a reasonable level,” he tweeted after the meeting.

An official statement issued today said: “During the meeting, Pradhan referred to Saudi Arabia’s pre-eminent role as a leading producer of crude oil in the world, and in maintaining global oil market balance.”

“He raised concerns about the increasing trend in global crude oil prices. He also pointed to the need for uninterrupted supplies of crude oil and LPG to India in view of the OPEC-plus (decision to) cut (output),” it said.

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According to the media reports “Both ministers agreed to take concrete steps for early implementation of the decisions taken in the oil and gas sector during the visit of His Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud to India last month.”