Rising crude prices have forced India to build a pool of importers

New Delhi: A sharp rise in crude oil prices has forced India to build a pool of importers. In this pool of importers, India will bring private and public refiners on the same platform. This will help them to import crude at a very reasonable price. The last eight years of high crude oil prices have forced us to think in this direction, said Oil Secretary Tarun Kapoor.

India is the third largest importer of crude oil in the world. India imports 4% of its total crude oil needs. India buys most of its crude from the Middle East. Initially, a group of refiners will meet every fortnight to exchange views on buying crude.

Kapoor, a top official in the petroleum ministry, said companies could also formulate a strategy on a joint basis. Can negotiate on a joint basis if possible. Public refiners in India have procured certain quantities of crude in this way. In the past, not only public refiners but also private refiners have been able to obtain large quantities of crude oil at huge discounts from Iran through joint negotiations.

India's trade deficit jumped to ૪ 4.5 billion in September, the highest level in 15 years. The reason is expensive imports. Kapoor said the Organization of Petroleum Exporting Countries and its partners should increase its production to bring down the price of crude oil globally.