‘India lobbying with oil producers for crude under $70’

NEW DELHI: High fuel prices are here to stay till crude prices come down, a top government policymaker said on Monday, adding India, as the world’s third-largest consumer, has been reasoning with producing countries that “anything above $70 per barrel (crude price)” could boomerang on them as it will retard global economic revival and hit oil demand, which is already facing headwinds from electric mobility.
With pump prices hitting record levels ahead of crucial state polls, oil minister Hardeep Singh Puri has been holding a series of dialogues with counterparts from leading producing countries.
But unlike the muscular approach of his predecessor Dharmendra Pradhan, the former diplomat is taking a nuanced approach to drive home the need for market stability and a “balanced” pricing that is “fair” to both producers and consumers.