Heads of 40 oil and gas companies to meet Modi today

Heads of 40 oil and gas companies to meet Modi today


The agenda of the meeting will be regarding the emerging energy scenario, with ripples from the US sanctions on Iran and volatile oil prices affecting growth. 

Oil imports

India is the third largest oil importer in the world. (Photo: Reuters)

HIGHLIGHTS

  • Meeting to also focus on reviving investment in oil and gas companies
  • Domestic fuel prices are rising amid hike in global crude oil and weak rupee
  • Diesel prices hiked by nearly 10 paise across metro cities today

As the diesel and petrol prices continue to rise almost daily, Prime Minister Narendra Modi will be meeting chief executives and company heads of global oil and gas companies today. Petroleum Minister Dharmendra Pradhan will also be attending the meeting.

The list of 40 company heads who will be attending the meeting today will include Reliance Industries’ Mukesh Ambani, Hindustan Petroleum’s M K Surana, Indian Oil’s Sanjiv Singh, ONGC’s Shashi Shankar among others. The meeting has been coordinated by Niti Ayog.

The agenda of the meeting will be regarding the emerging energy scenario, with ripples from the US sanctions on Iran and volatile oil prices affecting growth.

The third annual meeting would also deliberate on ways to revive investment in oil and gas exploration and production, official sources said.

In the last edition in October 2017, suggestions were made for giving out equity to foreign and private companies in producing oil and gas fields of state-owned companies. But the plan could not go through in view of strong opposition from ONGC.

Meanwhile, the prices of diesel went up by almost 10 paise across metro cities today. After Centre’s cut in fuel prices by Rs 2.50 per litre, the petrol and diesel prices have resumed the ascending trend and are nearing record levels again.

(With inputs from PTI)

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