Oil prices 'very challenging', need them to sober a bit: India to Opec

Ahead of a meeting of oil producers' cartel OPEC, India on Tuesday said the current oil prices are "very challenging" and rates need to be a "little bit sober" lest they impact a consumption-led recovery of the global economy. Oil Minister Dharmendra Pradhan, who last week again urged OPEC to phase out its production cuts, said India is a price-sensitive market and it will buy oil wherever it gets competitive rates. The rebound in international oil prices from lows hit last month on the back of demand recovery has led to a spike in petrol and diesel retail prices in India. Fuel rates are at record highs across the country and petrol has crossed Rs 100 a litre mark in about a dozen states and union territories, while diesel is being sold at over Rs 100 a litre in Rajasthan and Odisha. "Today's price is a very challenging one," Pradhan said at BNEF Summit. "I am persuading my producer friends" for a reasonable price of oil. He said he had a very good discussion with OPEC ...

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