PM Modi calls for reasonable energy pricing

New Delhi: Prime Minster Narendra Modi on Wednesday called for reasonable and responsible oil prices by oil producing nations to provide easy access of affordable energy to all.

“Efforts at artificially distorting prices are self-defeating, as history has shown us. They also cause undue hardships, particularly to those at the bottom of the pyramid in developing and least developed countries,” said Mr Modi in his address at the International Energy Forum (IEF) conference. 

Saudi Arabian oil minister Khalid A. Al-Falih  a key member of oil cartel Opec was  present at the conference. Also were present ministers from Iran and Qatar. 

Mr Modi said that world has for too long seen prices on a roller-coaster. “We need to move to responsible pricing, which balances the interests of both the producer and consumer. We also need to move to transparent and flexible markets for both oil and gas. Only then can we serve the energy needs of humanity in an optimal manner,” said Mr Modi. 

He pointed out that oil and gas are a commodity of trade but also of necessity. Whether it is for the kitchen or for an aircraft, energy is essential, he said.

India, the world’s third largest oil consumer, is 80 per cent dependent on imports to meet its needs.

Mr Modi pointed out that India will be the key driver of global energy demand in the next 25 years. 

The Prime Minister said India needs energy security. “My vision for India’s energy future has four pillars. Energy access, efficiency, sustainability and security.”