The steep rise in international oil prices over the last few months is pinching the government and the people alike. This has not only affected the finances of people and the government, it has also affected the exchange rate of the rupee against international currencies. The current geopolitical landscape continues to pose a challenge in keeping prices within an affordable range.
We have come across statements of global leaders appealing to oil-producing countries to reduce oil prices for long-term benefits that will accrue to the global economy. That hasn’t helped. While OPEC countries remain the main balancer of prices, there are several other factors that affect global crude rates.
We have been raising the issue of the Asian premium, loud and clear, at every relevant international forum. At the ministerial meeting of the International Energy Forum on April 11, PM Narendra Modi had said, “We need to move to responsible pricing, which balances the interests of both the producer and consumer.” Read More
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