PM Modi bats for responsible energy pricing by oil producing countries | Business Standard News

At a time when global oil prices have been on the boil, Prime Minister (PM) Narendra Modi has asked the oil producing countries to adopt “responsible pricing”.

“We need to move towards responsible pricing that will balance the interest of producers and consumers,” Modi said, in his inaugural address at the 16th International Energy Forum (IEF) in New Delhi on Wednesday. Transparent pricing of oil and gas was necessary to serve the humanity, as a large number of people still had no access to energy, he said, adding that artificially distorting the price was self-defeating.

It is in the interest of producers that other economies keep growing steadily and rapidly, the PM pointed out. “Use this platform to build a global consensus on responsible pricing that will serve the mutual interest.”

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PM Modi bats for responsible energy pricing by oil producing countries | Business Standard News.