With volatile oil prices in the past playing havoc on economies of importing nations like India, Prime Minister Narendra Modi on Monday made a strong case for a responsible pricing of crude oil that balances interests of both producers and consumers, saying people must have universal assess to clean, affordable and equitable supply of energy.
Speaking at the Petrotech 2019 conference, he said the world for long has seen crude prices on a roller-coaster.
For a nation dependent on imports to meet more than 80 per cent of its oil needs and half of its gas requirements, the volatility last October jacked up retail petrol and diesel prices to record highs.
The same has led to natural gas not being used as a fuel in power plants despite it having enormous environmental advantage over polluting coal and liquid fuels.
"We need to move to responsible pricing, which balances the interests of both the producer and consumer," he said.
"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."
Modi said the challenge before nations is to deliver affordable, efficient, clean and assured energy supplies to their citizens.
"Suitably priced, stable and sustainable energy supply, is essential for rapid growth of the economy," he said, adding that "it also helps the poor and deprived sections of society to partake of economic benefits."
Oil and gas are not only a commodity of trade but also of necessity -- whether it is for the kitchen of a common man or for an aircraft, energy is essential, he said.
(with news agency inputs)