Pitching for responsible pricing of oil and gas, Prime Minister Narendra Modi on Wednesday said India needs energy which is which is accessible and affordable to the poor.
Pitching for responsible pricing of oil and gas, Prime Minister Narendra Modi on Wednesday said India needs energy which is which is accessible and affordable to the poor. Narendra Modi on said country’s refineries are on track to meet the ambitious target to produce clean and affordable fuel by April 2020, Narendra Modi said today at 16th International Energy Forum in New Delhi. “India’s energy consumption will grow 4.5 percent every year for the next 25 years,” he said. The efforts at artificially distorting oil prices were self-destructing and affected developing countries like India, he said in presence of oil cartel OPEC kingpin Saudi Arabian Oil Minister, Khalid A. Al-Falih. “It is in the interest of oil producers that consuming markets grow,” he also added.
Stressing on the fact that the consumption of energy has shifted to non-OECD countries, Modi said that India will be a key driver of energy demand in the next 2-5 years. “Our government believes in an integrated and market linked approach for energy planning,” said PM. The government interference has reduced under renewable model of oil and gas production, he further said. He added that India will soon come out with vehicle scrappage policy.
Meanwhile, in a major shift in the international oil and gas scenario, three consumer nations naley China, India and South Korea are co-hosting the International Energy Forum (IEF) in Delhi till April 12. The event was inaugurated by Prime Minister Narendra Modi earlier.
It is being expected that the consumer nations may raise issues with respect to ‘Asia premium’ and crude prices in front of the 92 participating countries, which include all the producer nations as well.