Maintain a balance in pricing, Prime Minister Narendra Modi asks oil and gas companies

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When Modi came into power in 2014, international oil prices were on a declining mode and he was able to reap the benefits. Four years down the line oil prices are recovering and by the time when his government seeks mandate for a fresh term in 2019, things are likely to be vastly different.

Keeping this in view Prime Minister Modi has appealed for accountability in oil pricing which can balance the interests of oil and gas companies as well as consumers.

Modi today inaugurated the 16th edition of International Energy Forum (IEF16) Ministerial in New Delhi. The event was being held in India after 22 years. Speaking on the occasion he pointed out that the energy sector was undergoing many changes with consumption growth shifting from the developed world to the developing ones.

“The world has seen prices on a roller coaster for much too long. We need responsible prices to balance the interests of both producer and consumer,” Modi said.

Prime Minister Modi painted a rosy picture for energy and gas demands. He said while energy demand is projected to grow 4.5%, gas demand could triple in the next two decades and a half. According to him a massive transformation in consumption growth in the developing economies has been underway.

Prime Minister called upon transparency and flexibility. He said: “there has to be a mutually supportive relationship between producers and consumers. Efforts at artificially distorting prices are self-defeating as history has shown us. Let us build a global consensus on responsible pricing which will serve both producer and consumer. In a period of global uncertainty, India needs energy security.”

"Let us build a global consensus on responsible pricing which will serve both producer and consumer. In a period of global uncertainty, India needs energy security," he added.

Modi pointed out that India needs to draw inspiration from USA and invest more in advanced technologies such as artificial intelligence, robotic processes, automatic processes, machine learning, 3D printing, etc., besides investing more in renewables to become a world leader in energy market.

Energy ministers from Qatar, the UAE, Iran, Saudi Arabia, Nigeria, Japan, Russia, China and the US attended the meet.