The government will take up the crude price issue with the Organisation of Petroleum Exporting Countries (OPEC). Petroleum Minister Dharmendra Pradhan has been invited to address the conference, scheduled to be held from June 20-21 at Vienna.

Meanwhile, Interim Finance Minister Piyush Goyal said that the GST Council, in its next meeting, may discuss a proposal to bring various petroleum products under GST.

However, no date has been finalised for the meeting.

Pradhan said that he will put across to OPEC and non-OPEC producers at Vienna that crude oil price should be regulated and pricing should be ’reasonable and responsible.’

"We don’t want crude prices to be $25 a barrel, but now it is beyond reach. Why is it going beyond $55-60?" he asked while talking to reporters on the sideline of a conference organised by the CII.

"I will be telling them that if you don’t regulate oil prices, we will be looking at alternate sources such as electric transportation and renewable energy," he said.

India has for long sought to end the Asian Premium on oil being charged by OPEC producers.

This issue was raised again in a meeting last week with the ambassadors from OPEC countries to India. India has a strong engagement with OPEC countries, who are the top eight suppliers of crude to India.

The block accounted for about 83 per cent of India’s total crude oil imports, 98 per cent of LPG imports and 74 per cent of LNG imports during the last financial year.

GST on petroleum products

Earlier, Goyal said the GST Council has to take a decision on bringing petroleum products within GST.

At present five petroleum products — crude oil, petrol, diesel, natural gas and aircraft fuel — are out of GST’s ambit.