NEW DELHI: Amid high volatility in international markets, India — world’s third largest oil consumer — on Friday pitched for a stable oil market that provides reasonable price for producers and affordable rate for consumers.
Speaking at the extraordinary meeting of energy ministers of G20 nations, oil minister Dharmendra Pradhan asserted that India will remain the engine of world energy demand growth.
“In terms of the ongoing energy market fluctuations, minister stated that India has always advocated for a stable oil market, which is reasonable for producers and affordable for consumers,” an official statement said.
The G20 energy ministers’ focused on ways and means to ensure stable energy markets, which are affected due to demand reduction as result of the COVID-19 pandemic and the ongoing surplus production related matters.
Participating in the meeting through video link, Pradhan highlighted the decision to provide 80.3 million poor families free LPG cylinders, as part of a $23 billion relief package to deal with the fallout of COVID-19.
