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Prime Minister Narendra Modi on Monday urged global oil suppliers to review payment terms so as to provide some relief to a weak rupee. He was addressing oil ministers and chief executives of oil majors at an event in New Delhi.
According to a statement issued after the event, “he requested for review of payment terms so as to provide temporary relief to the local currency.” The rupee has fallen 14.5 per cent this year, making oil and other imports more expensive.
Modi also made a case for a partnership between oil producers and consumers, highlighting how high oil prices
