G-20 to call Energy Ministers' meet on oil prices

Concerned over volatile crude oil prices impacting the growth process, G-20 leaders have decided to call a meeting of the Energy Ministers of member countries to address the issue.

"It has been decided that there will be a meeting of the energy ministers to address the problem of energy prices," Indian Finance Minister Pranab Mukherjee said after the conclusion of a meeting of G-20 finance ministers and central bank governors. Crude oil prices have crossed USD 100 a barrel in the international market. The high crude oil prices adversely impact oil importing nations, fuelling inflation and pushing up prices of other commodities. "There should be international cooperation to prevent volatility of commodity prices," Mukherjee said. In view of the spurt in crude prices, oil marketing companies (OMCs) in India had raised the price of petrol by about Rs 2.5 per litre last month.