PM Narendra Modi on Monday urged to oil-producing countries to review the ‘Payment Terms’ with India as high oil prices are leading to high import Bills of India. PM Modi said that high crude oil prices are stalling global growth and hurting the economy of producing countries also. The Rupee which has been fallen by around 14.5% in the last one year has raised the import bills of the country.
Since India imports 83% of its crude oil, the country has been hit by both rupee depreciation and high crude oil prices. Moreover heavy import bills of the country forced Government to cut excise duty. Oil Minister DharmenderPradhan had also expressed concern over the increasing oil prices. While speaking at India Energy Forum, Oil Minister said: “India is facing severe headwinds from rising oil prices”. PM Modi pitched that co-operation of the oil producing countries like Saudi Arabia is must to bridge the resource gap between the oil-producing countries and consuming countries. He also seeks mutual cooperation from the oil-producing countries and partnership between the producing and consuming countries as this would help to stabilize the global economy which is on the path of recovery. While addressing an annual roundtable of both domestic and global oil industries, PM Modi refers the example of goose and golden egg and seeks to balance as the prices of oil impacts both buyers and sellers