Need to move to responsible pricing in crude and balance interests says PM Modi

Need to move to responsible pricing in crude and balance interests says PM Modi

By SiliconIndia   |   Monday, 11 February 2019, 11:55 Hrs
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Need to move to responsible pricing in crude and balance interests says PM Modi


Prime Minister Narendra Modi on Monday (11TH Feb) said that the world has seen crude prices on a roller-coaster ride for too long and there was a need to move to responsible pricing which balances the interests of both the producer and consumer. Addressing the Petrotech 2019 global energy conference, Modi also emphasized on transparent and flexible markets for oil and gas. He said he has always maintained that oil and gas were not only a commodity of trade but also of necessity and energy is essential whether it is for the kitchen of a common man or for an aircraft."For too long, the world has seen crude prices on a roller-coaster. We need to move to responsible pricing, which balances the interests of both the producer and consumer. We also need to move towards transparent and flexible markets for both oil and gas. Only then can we serve the energy needs of humanity in an optimal manner," he stated, further adding on to mention energy is also a key driver of socio-economic growth. The Prime Minister mentioned that energy supply, source and consumption patterns were changing and this could be a historic transition. He further talked of a shift in the energy consumption from the West to the East and that suitably priced, stable and sustainable energy supply, is essential for rapid growth of the economy which also helps the poor and deprived sections of society, to partake of economic benefits. Modi went on to state that solar energy and other renewable sources of energy had become more competitive and were emerging as sustainable substitutes for traditional energy forms while natural gas is fast becoming one of the largest fuels in the global energy mix. People must have universal access to clean, affordable, sustainable and equitable supply of energy. He stated, India is the sixth largest economy in the world and could be the second largest global economy by 2030. We are also the third largest energy consumer in the world, with demand growing at more than five percent annually. India remains an attractive market for energy companies with energy demand expected to more than double by 2040." He further highlighted India's lead in energy accessibility and will achieve 100 per cent household electrification by the end of this year. On stating so, he noted that the country's progress is moving to a gas-based economy by bringing clean cooking fuel to poor households. "Electricity has already reached all rural areas. This year, 100 per cent electrification of households will be achieved through the Saubhagya scheme," he said. "Energy justice" is a priority for his government, the Prime Minister said, "India's World Bank Ease of Getting Electricity ranking had improved from 111 in 2014 to 29 in 2018." Globally the perception of energy consumption-supply is changing and nations are coming together to tackle climate change."This may expedite the achievement of Sustainable Development Goals (SDGs). Nations are coming together to tackle climate change and Petrotech provides "the perfect setting" for future pondering of energy sector stated Modi. Read more news:



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