India raises high fuel price issue to OPEC and producer nations

20 Jul 2021 CW Team

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

Infrastructure Urban

30 May 2026

Panasonic Showcases Connected Display Solutions

Panasonic Life Solutions India showcased its integrated display, projection, broadcast and communication technologies at Panasonic Tech Summit 2026 in New Delhi. Hosted through its System Solutions Division, the two-day event highlighted connected technology solutions for education, healthcare, retail, transportation, corporate offices and entertainment.The summit, themed ‘Turning Technology into Value’, featured experience-led zones covering QSR, retail, transit, corporate offices, healthcare, education, security, projection, home theatre and professional displays. Panasonic also introduc..

Kapsch to Deliver India’s First C-ITS Project

"Kapsch TrafficCom will deliver India’s first Cooperative Intelligent Transport Systems project on a key expressway near New Delhi. The project will be implemented with Superwave Communication And Infrasolution Limited to demonstrate how connected mobility can improve road safety and traffic efficiency.The pilot will use real-time connectivity and AI-enabled situational awareness to support road users, especially in high-risk areas such as temporary work zones. Drivers will receive alerts on roadworks, maintenance vehicles, hazardous locations, traffic queues and temporary virtual signage di..

Eurobond Net Profit Rises 44 Per Cent

Euro Panel Products, the parent company of Eurobond, reported a 44.13 per cent year-on-year rise in net profit for FY25–26. The company’s revenue from operations grew 18.91 per cent to Rs 503.20 crore, compared to Rs 423.18 crore in the previous financial year.The company’s full-year EBITDA stood at Rs 56.67 crore, marking a 31.82 per cent increase. Profit after tax rose to Rs 26.56 crore, while net worth increased 20.15 per cent to Rs 160.07 crore. Earnings per share for the year stood at Rs 10.84.Divyam Rajesh Shah, Whole Time Director and CFO, Euro Panel Products, said the company’s..