Oil Minister Dharmendra Pradhan Monday had a telephonic conversation with US Secretary of Energy Rick Perry to discuss ways to enhance energy security and impact of crude oil price volatility on consuming nations. "Discussed ways to work together to enhance energy security, further develop a gas-based economy in India & expand energy and innovation linkages to bolster the India-US Strategic Energy Partnership that was launched in April last year," Pradhan tweeted after the call.
India has time and again warned oil producers that higher crude prices are hurting global economic growth and they should do more to bring down rates to reasonable levels. "Also discussed crude oil price volatility and its impact on the Indian consumer. I also pointed to the important role that the US plays in bringing global price stability," Pradhan said in another tweet.
Volatility in oil prices has resulted in a seesaw in retail petrol and diesel prices with rates rising on some days and falling on another. The government is looking at private investment to raise domestic oil and gas production, which has stagnated for the last few years while fuel demand has been rising by 5-6 per cent annually.
India is dependent on imports to meet its 83 per cent of the demand and more than half of its natural gas requirements. Prime Minister Narendra Modi in 2015 had set a target of reducing India's oil dependence by 10 per cent to 67 per cent (based on import dependence of 77 per cent in 2014-15) by 2022. Import dependence has only increased since then and the government is now looking for ways to raise domestic output.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)