India, the world’s third-largest energy consumer, on Wednesday warned that high oil prices will undermine global economic recovery, and nudged Saudi Arabia and other OPEC nations to work towards affordable and reliable supplies.
Petrol and diesel prices have shot up to record highs across the country after relentless price increases since early May.
“If energy prices remain high, global economic recovery will be undermined,” Oil Minister Hardeep Singh Puri said at the India Energy Forum by CERAWeek.
International oil prices had crashed to USD 19 per barrel in April last year as demand evaporated with most nations clamping lockdowns to control the spread of coronavirus.
