You are here: Home » Economy & Policy » News
Business Standard

PM Modi calls for 'responsible' pricing of crude oil, create transparency

The Prime Minister said 2020 has been a challenging year for the energy sector globally, with demand falling by almost one-third

Topics
Narendra Modi | Crude Oil

IANS  |  New Delhi 

Narendra Modi

Prime Minister on Monday said that the world needs to move towards responsible pricing of

In his address at the inauguration of the India Energy Forum, he said that there should be efforts to move towards transparent and flexible markets for oil and gas.

"For too long, the world has seen crude prices on a roller-coaster. We need to move towards responsible pricing. We have to work towards transparent and flexible markets for both oil and gas," he said.

Noting that the Indian energy sector has moved towards reforms and transparency in the past six years, the Prime Minister said that the drivers have been efforts to move towards a gas-based economy, cleaner use of fossil fuels, particularly petroleum and coal, and greater reliance on domestic sources to drive bio-fuels among others.

He reiterated the government's target of achieving the renewable energy of 450 GW by 2030.

Modi said that to increase domestic production of natural gas and to bring uniformity in the market price discovery of gas, the government has announced natural gas marketing reforms earlier this month.

"They will give greater marketing freedom in the sale of natural gas through e-bidding. India's first automated national-level gas trading platform was launched in June this year. This prescribes standard procedures to discover the market price of gas," he said.

Of the newly-announced vision of 'Aatmanirbhar Bharat' or 'self-reliant' India, he said that a self-reliant India will be a force multiplier for the global economy.

"India's energy will energise the world," he said.

--IANS

rrb/sn/vd

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, October 26 2020. 20:56 IST
RECOMMENDED FOR YOU
.