New Delhi — India has urged OPEC and allied oil producers to ease production cuts as higher crude prices are hitting fuel demand in Asia’s third largest economy and adding to inflation, its oil minister, Dharmendra Pradhan, said on Wednesday.
“The price-sensitive Indian consumers are affected by rising petroleum product prices,” Pradhan said ahead of a March 4 policy-setting meeting of the Organization of the Petroleum Exporting Countries and allies, known as OPEC+.
Oil has been supported in the past few weeks by OPEC+ supply curbs and hopes of a demand rebound due to COVID-19 vaccinations. Benchmark Brent crude rose to $64.72 a barrel at 1237 GMT. [O/R]
Retail prices of heavily taxed gasoline and gasoil in India have touched record highs due to the spurt in global prices. India, the world’s third biggest oil consumer and importer, meets over 84% of its oil needs through imports.