Modi to meet oil company heads as fuel prices continue to rise

15 Octobre, 2018, 10:41 | Auteur: Auguste Feret
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With fuel prices continuing to rise in India amid a global surge in crude oil rates, Prime Minister Narendra Modi will meet the chiefs of national and worldwide oil and gas companies and other stakeholders on Monday to discuss the emerging energy scenario. Petroleum Minister Dharmendra Pradhan will also be attending the meeting.

Among others who are likely to attend the meeting are - ONGC Chairman and Managing Director Shashi Shanker, Indian Oil Corporation (IOC) Chairman Sanjiv Singh, GAIL India head B C Tripathi, Hindustan Petroleum Corp Ltd (HPCL) Chairman Mukesh Kumar Suran, Oil India Chairman Utpal Bora and Bharat Petroleum Corp Ltd (BPCL) Chairman D Rajkumar. Additionally, the state-owned oil marketing companies have been mandated to reduce prices of petrol and diesel by Re 1 a litre each. The first interaction was held on January 5, 2016. Last year's session, also held in October, focused on ways to raise domestic production and attract investments.

The meeting, coordinated by the NITI Aayog, is likely to focus on challenges posed by volatile oil prices and the United States sanctions on Iran. But the plan could not go through in view of strong opposition from ONGC.

The sources counted Saudi energy minister and Aramco chairman Khalid A Al Falih, Igor Sechin, head of Russian oil giant Rosneft and a close confidante of president Vladimir Putin, Alexei Miller of Gazprom, Ben Van Beurden of Royal Dutch Shell, Darren Woods of ExxonMobil, Bob Dudley of BP, Patrick Fouyane of French major Total, Jeremy Weir of Trafigura and Rafael Villaseca Marco of Spain's Gas Fenosa among those expected at the session.

In the national capital, petrol was priced at Rs 82.72 per litre, up from Rs 82.66 on Saturday, data on the Indian Oil Corporation website showed.

Similarly, petrol prices in Mumbai, Kolkata and Chennai also rose on Sunday - to Rs 88.18 in Mumbai, Rs 84.54 in Kolkata and Rs 85.99 per litre in Chennai.

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Also helping to keep prices in check were “fears of an economic slowdown, which could damage [oil] demand growth, ” he said. For energy importers, the squeeze in supply is stoking inflation, while climbing USA rates lure funds from their markets.

The prices vary from region to region due to local taxes, as the product is excluded from the Goods and Services Tax regime.

The meeting comes as fuel prices continued to rise across the four major metros on Sunday. India consumes over 2 billion barrels of oil and gas annually, out of which 85% is imported.

Earlier this month, Union Finance Minister Arun Jaitley announced a cut in excise duty by Rs 1.50 a litre.

Meanwhile, the prices of diesel went up by nearly 10 paise across metro cities today.

In Mumbai, diesel touched Rs 79. While Delhi and Kolkata saw a hike of 8 paise, a litre of diesel has increased by 9 paise in Mumbai and Chennai.

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