STORY: Indian oil minister Dharmendra Pradhan on Thursday (April 12) reiterated country’s call for reasonable and responsible oil pricings in New Delhi on the sidelines of second day of International Energy Forum.
As per reports, India’s oil demand rapidly increased by 7.2 percent from a year ago in March as the nation recovered from demonetization- that abolished 500 and 1,000 rupee notes and Goods and Services Tax (GST), that replaced dozen federal and state levies and unifying a $2 trillion economy and 1.3 billion people into one of the world’s biggest common markets.
Saudi Arabia is offering India Oil at $ 80 a barrel whereas its main competitor, Iran said that it would be able to deliver oil at $60 a barrel as the market should avoid volatility. According to the Petroleum Planning & Analysis Cell, currently, India’s total oil consumption is around 18.6 million ton in one month, as earlier a year ago it was 17.4 million.
Saudi Arabia is competing with Iraq to be India’s top oil supplier. Iraq displaced Saudi Arabia for the first time on an annual basis in 2017, data compiled by Reuters showed.