The Indian government has asked for“reasonable” Oil pricing from their counterpart Saudi Arabia, the largest oil producing nation in the world, while they are offering a specific stake in the strategic reserve of crude in India.
After his bilateral talks with the Saudi oil minister Khalid Al-Falih, who is now visiting India; Union Petroleum and Natural Gas Minister Dharmendra Pradhan said, “India is a price-sensitive market. So, we must get a reasonable price for the crude oil and LPG imported from OPEC nations.”
Pradhan also said on Friday that the Government of India has been continuously asking the world leaders of Organization of the Petroleum Exporting Countries (OPEC) for not levying any premium for Asian buyer, as this will hamper the import growth.
To encourage the Saudi investments in India; the union government has already made an offer to Saudi ARAMCO, the state-owned oil company in Saudi Arabia; for investing in the upcoming second phase of storage facility of India’s strategic reserve of oil.