+
India raises high fuel price issue to OPEC and producer nations
OIL & GAS

India raises high fuel price issue to OPEC and producer nations

The Indian government has taken up the issue of high oil prices with producer nations and the Organisation of Petroleum Exporting Countries (OPEC), demanding affordable rates, Minister of State for Petroleum and Natural Gas Rameswar Teli told the Lok Sabha.

Petrol and diesel costs have shot up to record highs in India since early May, petrol after relentless cost increases. Petrol is selling over Rs 100 a liter in more than a dozen states. Teli told the media that the government has been taking up the high oil price issue, bilaterally with crude oil-producing countries as well as with the OPEC for affordable crude costs for consuming countries like India.

He further added that the Minister for Petroleum and Natural Gas held meetings with the Secretary-General of OPEC to convey India's serious concerns over crude oil rate volatility, and India's strong preference for responsible pricing by producers and reasonable pricing for consumer countries.

The issue of high oil rates has been flagged to Saudi Arabia, UAE, and Qatar by the new oil minister Hardeep Singh Puri, in the last few days.

OPEC and its partners reached a deal to raise oil production by 400,000 barrels per day (bpd) every month for the rest of this year and into 2022.

The pact finished two weeks of limbo for oil markets as OPEC leaders sought a solution to demands by the United Arab Emirates (UAE) to increase its production baseline in return for supporting an expansion of the group's cooperation agreement.

Sunday's agreement raises UAE, Saudi Arabia's, and Russia's production baseline.

The agreement envisions continuing the monthly 400,000 bpd increments to around September 2022 ''subject to market conditions'', when members would theoretically reach baseline production.

Image Source

The Indian government has taken up the issue of high oil prices with producer nations and the Organisation of Petroleum Exporting Countries (OPEC), demanding affordable rates, Minister of State for Petroleum and Natural Gas Rameswar Teli told the Lok Sabha. Petrol and diesel costs have shot up to record highs in India since early May, petrol after relentless cost increases. Petrol is selling over Rs 100 a liter in more than a dozen states. Teli told the media that the government has been taking up the high oil price issue, bilaterally with crude oil-producing countries as well as with the OPEC for affordable crude costs for consuming countries like India. He further added that the Minister for Petroleum and Natural Gas held meetings with the Secretary-General of OPEC to convey India's serious concerns over crude oil rate volatility, and India's strong preference for responsible pricing by producers and reasonable pricing for consumer countries. The issue of high oil rates has been flagged to Saudi Arabia, UAE, and Qatar by the new oil minister Hardeep Singh Puri, in the last few days. OPEC and its partners reached a deal to raise oil production by 400,000 barrels per day (bpd) every month for the rest of this year and into 2022. The pact finished two weeks of limbo for oil markets as OPEC leaders sought a solution to demands by the United Arab Emirates (UAE) to increase its production baseline in return for supporting an expansion of the group's cooperation agreement. Sunday's agreement raises UAE, Saudi Arabia's, and Russia's production baseline. The agreement envisions continuing the monthly 400,000 bpd increments to around September 2022 ''subject to market conditions'', when members would theoretically reach baseline production. Image Source

Related Stories

Gold Stories

Next Story
Infrastructure Urban

NABARD Holds Seminar on Vigilance, Integrity and Good Governance

National Bank for Agriculture and Rural Development (NABARD) organised a seminar on “Vigilance: Strengthening Integrity and Good Governance” on 25 August 2026 at its Head Office in Mumbai as part of the ongoing Vigilance Awareness Campaign 2026 being observed from 17 August to 16 November 2026, with the theme “Probity for Prosperity."" The seminar was graced by Suresh N Patel, Former Central Vigilance Commissioner, Government of India, as the chief guest and keynote speaker.  The programme was attended by G S Rawat, Deputy Managing Director, Dr Ajay K Sood, Deputy Managing Dire..

Next Story
Equipment

XCMG Unveils World's First 14,000-Ton Ring Crane for Heavy Lifting

XCMG has announced that the first main unit of the world's first 14,000-ton ring crane has rolled off the production line, marking a historic breakthrough in ultra-heavy lifting technology. Jointly developed by XCMG and Sinopec Heavy Lifting & Transportation Co., Ltd., the crane will be the largest-capacity ring crane ever built, setting a new benchmark for major construction projects worldwide.The crane features a modular configuration comprising two main units that work in tandem. The first main unit has completed final assembly and can independently perform lifting operations. Once both..

Next Story
Infrastructure Urban

Thriveni Logistics orders 200 tip trailers from Jagdamba trailers

Jagdamba Trailers (JTPL), one of India’s growing trailer manufacturers, has secured a significant order for 200 Tip Trailers from Thriveni Transport and Logistics Pvt. Ltd., a leading mining and logistics company serving operations across India and overseas.The order, placed for iron ore transportation, is a major milestone for JTPL, particularly as the company secured the business after competing with more than 10 established trailer manufacturers. It also strengthens an already successful relationship between the two companies. Approximately one and a half years ago, Thriveni Transport and..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code