The third annual meeting also deliberated on ways to revive investment in oil and gas exploration and production, sources said. While the Opposition has blamed the Union government for not taking enough measures to keep a tab on prices, the latter has maintained that global crude oil prices and other worldwide factors are causing a hike in prices of fuel.
In the wake of sharp rise of fuel prices in recent times, Prime Minister Narendra Modi on Monday held a meeting with the chiefs of national and worldwide oil and gas companies. "Cooperation of oil-producing countries would be very critical to bridge the gap", Modi said in the meeting, according to ANI.
EVen though the oil production is at an adequate level, the oil prices have jacked up due to unique features of marketing in the oil sector, he added.
Modi made these suggestions while meeting CEOs and experts from the oil and gas sector from India and overseas here.
Meanwhile, official sources said that Modi will meet the chief executives of major global and Indian oil and gas companies as the U.S. sanctions on Iran comes into effect from November 4, and as crude oil prices continue to be volatile. He appealed to oil producing countries to channel their investible surplus to pursue commercial exploitation in oil sector in the developing countries.
Modi noted that the oil market was producer-driven both in terms of quantity and price.
Earlier this month, Union Finance Minister Arun Jaitley announced a cut in excise duty by Rs 1.50 a litre.
PM Modi called for review of the terms of payment between the oil producers and India in order to provide temporary relief to rupee.
The Narendra Modi government, which has been constantly criticized for valuing bureaucratic society, increasing inflation and sliding rupee has finally put a block on trade deficit by following below-mentioned measures.
The meet was held as petrol and diesel prices continued their upward march despite a drop in crude oil prices by 5 to 6 dollars a barrel.
Modi sought greater participation of private companies in the distribution of the gas sector. But the plan could not go through in view of strong opposition from Oil and Natural Gas Corp (ONGC).
Sources said BP CEO Bob Dudley, Total head Patrick Fouyane, Reliance Industries Director PMS Prasad and Vedanta chief Anil Agarwal attened the two-hour long meeting.