India stresses on petroleum pricing reforms at G20 Sherpa meet

NEW DELHI: India has pressed for petroleum pricing reforms globally to ensure stability in the energy sector at the G-20 meeting in Turkey.

Railway Minister Suresh Prabhu, who has gone to Turkey as 'Sherpa' of Prime Minister Narendra Modi to attend the G-20 meeting, sought reforms in petroleum pricing and transparency in global gas markets to ensure price stability in the international market.

'Sherpa' is a senior official responsible for preparing the agenda for leaders to consider during the G-20 summit. Modi is expected to attend the summit in November.

"We want reforms, transparency in global gas markets, petroleum pricing reforms, eliminate speculation, ensure global price stability," Prabhu twitted.

Price stability at global market is considered favourable for world economy, including India's.

Focusing on the massive energy requirement in the future, Prabhu said global reforms in the sector will help the country in manufacturing activities.

"Our mission of Make in India needs huge Energy in years to come, thus global reforms in this key sector will help us to be manufacturing hub," he said.

Prabhu, considered to be having deep understanding of global issues including energy, climate change and infrastructure, had also gone to attend G-20 meeting at Australia last year as sherpa of the Prime Minister.

G-20 is a grouping of major advanced and emerging economies, representing around 85 per cent of global GDP.

The Minister also met Turkey Deputy Prime Minister Bulent Arinc.

"Had very good chat with Deputy Prime Minister of Turkey, a very fine and dynamic individual, lot be learnt from Turkey, tourism, infra, hygiene," Prabhu twitted.