Petrol-Diesel Prices: India annoyed by Saudi Arabia’s advice, told ‘undemocratic’

Union Petroleum Minister Dharmendra Pradhan (File Photo)

Union Petroleum Minister Dharmendra Pradhan (File Photo)

Petrol-Diesel Prices: India has said that it will purchase crude oil from a country which will offer cheaper rates with favorable trading conditions.

new Delhi. Saudi Arabia has ignored India’s urge to reduce production controls. In such a situation, India has said that it will buy crude oil from any country, which will offer cheaper rates with favorable business conditions. India’s refinery companies, the world’s third-largest oil importer, are buying more oil from outside West Asia to diversify supplies.

In February, the US became the second largest supplier to India, surpassing Saudi Arabia. But this was before the March 4 decision of the Organization of Petroleum Exporting Countries and its other partners (OPEC Plus) to tighten production. Addressing the India Economic Conference of the Times Network, Petroleum Minister Dharmendra Pradhan said that India will take care of its interests before the decision on imports.

What did Saudi Arabia’s energy minister say?
Saudi Arabia’s Energy Minister Abdulaziz bin Salman had asked India to use crude oil it bought last year at a much lower price than asking producers to increase production. Pradhan said that this statement of the Energy Minister of Saudi Arabia is an ‘unsophisticated’ statement of a ‘close friend’. He said that we are a consumer country and we have to import energy for long term. In such a situation, whichever country will give us cheap crude oil with easy terms, we will buy it.

Pradhan said, ‘Supply at affordable rates by any country is our priority. It can be any country. Asked whether the February import stance indicates that India is giving priority to the US over Saudi Arabia, the petroleum minister said, “It is not an issue of who we are close to and whom we are not.” The issue is who can fulfill our interests better.

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