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PM Modi to meet top global leaders in oil & gas sector in run up to CERAWeek’s India Energy Forum

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CERAWeek’s India energy forum is likely to focus on India-specific dialogues ranging from oil prices, balance between oil producer and consumer to focus on green hydrogen amidst the energy crisis. Prime Minister Narendra Modi is slated to meet as many as top 30 global leaders in the oil and gas sector in the run-up to the event, CNBC-TV18 has learned.

PM Modi to meet top global leaders in oil & gas sector in run up to CERAWeek’s India Energy Forum
Prime Minister Narendra Modi is slated to meet as many as top 30 global leaders in the oil and gas sector in the run-up to CERAWeek’s India energy forum, CNBC-TV18 learned on Monday.
The event is likely to focus on India-specific dialogues ranging from oil prices, balance between oil producer and consumer to focus on green hydrogen amidst the energy crisis witnessed by the world.
With fuel consumption 15-16 percent higher than the pre-COVID period, India is looking to raise the issue of high crude prices and increase in supply to aid global economic recovery.
“For India any price above $70 per barrel is high. Now, China as a market has saturated, India is the biggest consumer and if India does not buy then sellers will be at the back end. The energy transition from fossil to green energy is not a favour of oil-producing countries rather it is spiralling. If economic recovery goes down, everyone will suffer. ” a government source said.
The Indian basket crude price comprises Brent and Oman and Dubai average. It stood at $73.13 per barrel in the month of September, 2021. Meanwhile, in Delhi itself, petrol prices have increased by over Rs 25 per litre and diesel Rs 20 per litre in 2021.
“My view is that the centre and state together need to reduce incidence on taxation fuel in India. The petroleum ministry is continuously in touch with the finance ministry over taxation on fuel prices, it wants petrol and diesel prices to come down,” a source said.
Since May 2020, LPG subsidy is not being disbursed to consumers. As per the Ministry of Petroleum and Natural Gas’ analysis cell PPAC, the government continues to provide some subsidies on LPG cylinders on account of difficult transportation in some areas.
“Subsidies need to be specific and have to be degressive and the government needs to take all sustainable economic decisions,” the source said, adding that oil subsidy is reducing and the number of LPG connections under Ujjwala is increasing and the government is finding ways to deal with it.
Sources have told CNBC-TV18 that at one point, select districts in 15 states were getting subsidy but now only eight states and union territories like Ladakh, Lakshadweep, Andaman and Nicobar and some eastern states are among the subsidy beneficiaries at select locations.
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