India asked on February 23, 2018, the world's largest oil producer Saudi Arabia for a «reasonable» oil pricing that balances the interest of producer and consuming nations.
After talks with visiting Saudi oil minister Khalid Al-Falih, Petroleum Minister Dharmendra Pradhan said India is a price sensitive market and so «we must get reasonable price for crude oil and LPG» imported from the OPEC nation.
Saudi Arabia is India's 2nd biggest source of crude oil after Iraq. This fiscal it will import 36.5 million tonnes of crude oil from Saudi Arabia. Also 25 % of LPG also comes from the Gulf nation.
India is world's 3rd-largest oil importer, which relies on foreign countries to meet 80 % of its needs. About 85 % of its total oil imports and 95 % of gas imports come from OPEC nations.
Pradhan said India has been asking the OPEC to stop charging the premium from its Asian buyers. He reiterated New Delhi's decade-old demand and said oil producers should work towards «responsible price», which would allow major oil-consuming countries to provide energy to the common people at affordable rates.
Pradhan's predecessors, Mani Shankar Aiyar, had in the past raised the issue of so-called charging premium from Asian buyers, but the cartel has refused to act on the issue.
