India, the world’s third-largest oil importer and consumer, on Monday said oil prices have to be reasonable and market-determined as it expressed concern over rise in rates on supplies being artificially adjusted below demand by producing countries.
With a rise in international oil prices pushing retail petrol and diesel rates to record high, India last month agreed to release five million barrels of crude oil from its Strategic Petroleum Reserves, Minister of State for Petroleum and Natural Gas Rameswar Teli said in a written reply to a question in the Rajya Sabha.
This was being done “in consultation and parallelly with other major global energy consumers including the USA, People’s Republic of China, Japan and Republic of Korea”, he said.
