Modi urges oil suppliers to review payment terms to give rupee relief

Prime Minister Narendra Modi will on Monday brainstorm with chief executives of top global and Indian oil and gas companies on emerging energy scenario with ripples from US sanctions on Iran and volatile oil prices threatening growth

Fuel prices continue to rise, Modi to meet oil company heads

Later speaking at the India Energy Forum, oil minister Dharmendra Pradhan said India is "facing severe headwinds from rising oil prices" which have risen by 50% in dollar terms and 70% in rupee terms in the last one year.

Among others who are likely to attend the meeting are - ONGC Chairman and Managing Director Shashi Shanker, Indian Oil Corporation (IOC) Chairman Sanjiv Singh, GAIL India head B C Tripathi, Hindustan Petroleum Corp Ltd (HPCL) Chairman Mukesh Kumar Suran, Oil India Chairman Utpal Bora and Bharat Petroleum Corp Ltd (BPCL) Chairman D Rajkumar.

Meanwhile, fuel prices continued its upward march on Monday, with diesel prices surging by 8 paise and 9 paise in four metropolitan cities.

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

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India, the world's third-biggest oil importer, is facing record high retail prices as worldwide crude rate soared and rupee value dipped.

Oil prices have reached four-year peaks as the market focused on upcoming United States sanctions on Iran while shrugging off the year's largest weekly build in U.S. crude stockpiles.

Meanwhile, official sources said that Modi will meet the chief executives of major global and Indian oil and gas companies as the U.S. sanctions on Iran comes into effect from November 4, and as crude oil prices continue to be volatile.

As of just before 16:00 GMT, the rupee was trading at around 73.82 against the U.S. dollar - days after the currency breached the 74-mark for the first time earlier this month.

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"We heard it today loud and clear from prime minister (about consumer pain)", Al-Falih said.

He, however, said the "pain" would have been "much louder" but the action by Saudi Arabia, the world's largest oil exporter, to invest in creating spare capacity was used to cushion price shocks.

Modi highlighted the economic hardships higher oil prices bring to consuming countries like India, and sought capital and technological support from producers to raise local output.

"Prime minister cautioned producers like myself not to kill the hen that lays the golden egg", he said referring to consumers are the golden hen. He said that a partnership between oil producers and consumers would help stabilise the global economy. The rupee has touched record low levels multiple times and lost over 15 per cent of its value against dollar this year.

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