Amid rising concerns over the unabated fuel price hike, Prime Minister Narendra Modi on Monday met the top executives of global and Indian oil and gas companies and brainstormed on the emerging energy scenario.
PM Modi also made a strong pitch for a partnership between oil producers and consumers to help stabilise the global economy. He appealed to the oil producing countries to channel their investible surplus to pursue commercial exploitation in the oil sector in developing countries, a statement from his office said.
The Prime Minister also urged global oil suppliers to review payment terms in order to give relief to the weakening rupee. “He requested for a review of the payment terms so as to provide temporary relief to the local currency,” a government statement said.
India, which imports more than 80 per cent of its oil, has been under immense pressure in wake of the spiralling fuel prices and weakening rupee against the US Dollar.
During the third annual meeting, which was also attended by Union minister Arun Jaitley and Dharmendra Pradesh and Niti Aayog Vice Chairman Dr Rajiv Kumar, PM Modi highlighted that the oil consuming countries, due to rising crude prices, face several other economic challenges including serious resource crunch.