India seeks lower oil prices as high pump prices bite

India seeks lower oil prices as high pump prices bite

NEW DELHI - India is in talks with crude producers about securing more affordable oil prices after tax-laden pump prices of gasoline and gasoil surged to record highs in Asia's third-largest economy, adding to inflation. India, the world's third-biggest oil importer and consumer, ships in over 80% of its oil needs from overseas. "The government has been taking up the issue, bilaterally with crude oil-producing countries as well as with the Organization of Petroleum Exporting Countries (OPEC) for affordable crude prices for consuming countries like India," junior oil minister Rameswar Teli told lawmakers in a written reply. India's new oil minister Hardeep Singh Puri recently flagged the issue of high oil prices to Saudi Arabia's oil minister and the chief executive of Oil prices in the global market this month hit their highest level in more than two years as the global economy recovers from the COVID-19 pandemic. However, prices fell on Monday after OPEC and other key producing countries agreed on Sunday to increase oil supply from August to cool prices. Last year, India raised taxes on sales of gasoil and gasoline, instead of passing on the benefits of lower oil prices to consumers, to boost revenue to fund