India and OPEC have a unique and symbiotic relationship: Hardeep Puri

Vienna, July 10
Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri, has emphasised India’s strong partnership with OPEC, discussing ways to ensure that oil markets remain balanced to ensure smooth global transition into green and alternative energies.

Puri met OPEC Secretary General Haitham Al-Ghais at the 9th OPEC International Seminar here.

“We discussed India’s strong partnership with OPEC and ways to ensure that oil markets remain balanced and predictable to ensure smooth global transition into green and alternative energies particularly in the light of recent geopolitical challenges,” said Union Minister in a post on X social media platform.

India, as world’s third largest importer of oil, and OPEC, the grouping of major oil producers, have a unique and symbiotic relationship, he mentioned.

During his address at the event, Puri said even as India’s efforts to achieve energy security continue to gain momentum, “we continue to implement programs to fulfil energy needs of our citizens”.

“More than 103 million LPG connections have been provided to women from economically weaker households as a part of Prime Minister’s visionary Pradhan Mantri Ujjwala Yojana (PMUY) which is the world’s largest clean cooking programme,” he told the gathering.

This has improved both energy access and public health outcomes.

Boosted by inclusive efforts such as these, LPG coverage in India has soared from 55 per cent in 2014 to near universal access today while LPG prices for PMUY beneficiaries in India are among the lowest globally.

Despite a steep 58 per cent increase in international LPG prices, PMUY consumers pay only $6-7 for a 14.2 kg cylinder, which is 39 per cent less than the $10-11 they paid in July 2023, thanks to substantial government support and oil marketing companies (OMCs) incurring losses of $4.70 billion last year to maintain these prices, he informed.