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Key Points

Petroleum Minister Hardeep Puri emphasized India’s strong ties with OPEC to stabilize oil markets during the energy transition. He highlighted India’s success in expanding LPG access to 103 million households under PMUY. Despite global price hikes, India maintains affordable LPG through government subsidies. The minister stressed India’s role as a key energy consumer while balancing sustainability goals.

Key Points: Hardeep Puri Highlights India OPEC Symbiotic Energy Partnership

  • Puri meets OPEC chief to discuss balanced oil markets amid green transition
  • India’s LPG coverage rises to 99% under PMUY scheme
  • Government absorbs global price shocks to keep LPG affordable
  • India remains world’s third-largest oil importer with strong OPEC ties
2 min read

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

India and OPEC strengthen ties to balance oil markets and support green energy transition, says Petroleum Minister Hardeep Puri.

"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.

—IANS

- IANS

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Reader Comments

P
Priya S
While the government's efforts are commendable, I'm concerned about the long-term sustainability. Subsidies are good but we need more investment in renewable energy sources. Solar and wind should be prioritized!
R
Rohit P
The numbers speak for themselves - 103 million LPG connections is no small achievement. But I wonder how much longer can OMCs bear these losses? Need to find a balanced approach.
K
Kavya N
As a rural development worker, I've seen first-hand how Ujjwala Yojana has empowered women. No more smoke-filled kitchens! But we must ensure continuous supply and affordability. Jai Hind! 🇮🇳
D
David E
Interesting to see India balancing traditional energy needs with green transition. The $6-7 LPG cylinder price is impressive compared to global rates. Could be a model for other developing nations.
S
Shreya B
The government deserves credit for keeping prices stable despite global fluctuations. My only request - please expand the coverage to include lower middle class families who are struggling too.

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