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Concern over oil price spike

New Delhi, April 18: India today called for stability in crude rates as the current price spike will spur inflation and retard global economic recovery.

“The current rise in international oil prices is a cause for worry not just for emerging economies such as India but for the world economy as a whole, whose recovery from recession is still fragile,” said R.P.N. Singh, minister of state for petroleum and natural gas, at the 4th Asian Energy Ministerial Round Table in Kuwait.

He said, “There is a need for regulation of price discovery of a vital and finite resource as oil and it cannot be left entirely unregulated, whether in the commodity derivatives markets or in the financial markets.”

According to the minister, high oil prices or volatile markets favour neither the producers nor the consumers as by raising the spectre of “demand uncertainty”, they inhibit fresh investments.

“Hence all of us — whether we are oil producers or consumers — have to work as one to address the issues related to energy price volatility,” he said, according to the speech released to the media here.

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