PM Modi Requests Oil Company Leaders To Review Payment Terms To Lessen Imports Bill

| October 16 , 2018 , 13:01 IST

As the central government has been facing criticism over rising petrol and diesel prices across the country, Prime Minister Narendra Modi on Monday met CEOs and experts from the Oil and Gas sector, from both India and abroad and discussed the global energy scenarios in relation to India. 

During the interaction with Oil companies leaders and experts on the topic, PM Modi said, "The consuming countries, due to rising crude oil prices, face many other economic challenges including serious resource crunch," and requested for review of payment terms so as to provide temporary relief to the local currency.

Highlighting India's position in the sector, PM Modi said that a partnership between the producers and consumers in the oil market will also help to stabilise the global economy, noting that the oil market is producer driven.

Also Read: As Fuel Prices Continue To Soar, PM Modi To Meet Oil Companies Chief Today 

Union Ministers Arun Jaitley and Dharmendra Pradhan with Vice-Chairman NITI, Aayog Rajiv Kumar and senior officials from the union government and NITI Aayog were also present at the meeting.

Ministers from Saudi Arabia and UAE, and CEOs and experts from organisations including Saudi ARAMCO, ADNOC, BP, Rosneft, IHS Markit were present at the meeting from abroad.

Continuing a rise in petrol and diesel price on Tuesday, Petrol was retailing at Rs 82.83 per litre, increased by Rs 0.11 and diesel was retailing at Rs 75.69 per litre, increased by Rs 0.23.