Vienna : Union Minister for Petroleum and Natural Gas Dharmendra Pradhan stressed on the need for responsible pricing of fuel at the Organisation of the Petroleum Exporting Countries (OPEC) seminar on Wednesday.
"It is high time to move to responsible pricing, one that balances the interests of both the producer and consumer. We also need to move to transparent and flexible markets for both oil and gas," he said while addressing the gathering here.
Pradhan further sought for the intervention of OPEC members to ensure sustainable fuel price.
"Crude prices are creating stress throughout the global economy. It is giving pain to us in India. The global economic outlook already has threats from trade wars. My fear is that his will lead to energy poverty in many parts of the World," he said.
Prior to the meeting, Pradhan had said that India, being a consumer country, has been consistently appealing for lower fuel prices at previous OPEC meetings.
"Being a consuming country, we always expect a reasonable fuel price. India is consistent on this issue for the last few years and we'll repeat our appeal in the seminar. They're taking us seriously. Four years back, they were just listening to us. In an era of consumerism, India will have its own voice," he told.
Pradhan is currently on a two-day visit to Vienna to attend the 7th OPEC International Seminar at the Imperial Hofburg Palace in Vienna, Austria, under the theme - 'Petroleum - cooperation for a sustainable future'.
The seminar will provide fresh impetus to key petroleum industry issues and challenges, helping to enhance existing avenues of dialogue and cooperation, while stimulating new ones.
It will feature presentations by officials from energy and oil ministries, executives from oil companies and financial firms, and other representatives from international organizations and research institutions.
The meeting will seek to reinforce OPEC's longstanding commitment to strive towards a secure and stable market in support of a healthy global economy. It will also highlight the need for continuing promotion of cooperation and dialogue with all oil industry stakeholders, including producers and consumers.