New Delhi: Amid growing outrage over spiralling fuel prices, Prime Minister Narendra Modi on Monday met chief executives of major global and Indian oil companies.
Despite an excise cut on petrol and diesel last week, there has not been much relief for the common people as the fuel prices rose again on Monday. In national capital, petrol was priced at Rs 82.72 per litre and diesel was at 75.46 per litre, data on the Indian Oil Corporation website showed. In Mumbai, petrol was priced at Rs 88.18 per litre and diesel was at Rs 79.11 per litre which is an increase of Rs 0.09 respectively.
Saudi Oil Minister Khalid A Al Falih, BP CEO Bob Dudley, Total head Patrick Fouyane, Reliance Industries Chairman Mukesh Ambani and Vedanta chief Anil Agarwal attended the meeting.
Organisation of the Petroleum Exporting Countries (OPEC) Secretary General Mohammed Barkindo and India’s Oil Minister Dharmendra Pradhan ONGC Chairman and Managing Director Shashi Shanker, Indian Oil Corporation (IOC) Chairman Sanjiv Singh, GAIL India head B C Tripathi, Hindustan Petroleum Corp Ltd (HPCL) Chairman Mukesh Kumar Suran, Oil India Chairman Utpal Bora and Bharat Petroleum Corp Ltd (BPCL) Chairman D Rajkumar were also present at the meet.
Coordinated by the NITI Aayog, the third annual meeting also discussed the US sanctions on Iran which will come into effect from November 4.
Modi’s first meeting was on January 5, 2016 where suggestions for reforming natural gas prices were made. More than a year later, the government allowed higher natural gas price for yet-to-be-produced fields in difficult areas like deep sea.
In the last edition in October 2017, suggestions were made for giving out equity to foreign and private companies in producing oil and gas fields of state-owned ONGC and OIL. But the plan could not go through in view of strong opposition from Oil and Natural Gas Corp (ONGC).