Indian PM Calls for Responsible Energy Prices
Indian prime minister Narendra Modi April 12 inaugurated the 16th International Energy Forum Ministerial Meeting in New Delhi. His speech emphasised the need for the responsible pricing of energy products and for transparent and flexible markets to ensure growth for both producers and consumers.
Addressing the gathering of energy ministers from 42 producing and consuming nations, heads of international organisations and industry leaders, Modi said India will be the key driver of global energy demand in the next 25 years as its energy consumption will grow by 4.2% a year for the next twenty-five years. This is the fastest among major world economies, although others have said China would play a bigger role.
Modi also shared the recent efforts of the government of India to revamp up-stream and downstream policies, shift to latest technology and bring competitiveness in the sector.
Indian oil minister Dharmendra Pradhan reiterated the need for synergy between producer and consumer countries to achieve sustainable development and broaden growth. India, as the third largest energy consumer in the world, needed better producer-consumer co-operation; more energy efficiency; and productivity gains in energy supply, he said.
The first day of the 16th IEF Ministerial Meeting saw discussions on issues ranging from the future of global energy security to sustainable and inclusive energy access; affordability. It also witnessed the signing of an MoU between the Indian consortium consisting of IOCL, HPCL and BPCL and Saudi Aramco for the Ratnagiri mega refinery in the western Indian state of Maharashtra.
Photo caption: Prime Minister of India, Narendra Modi with the IEF Energy Ministers at the Inaugural Session of the 16th International Energy Forum Ministerial Meeting at New Delhi.