India on Tuesday voiced concern over the rising international oil prices saying the surge posed danger of economic dislocation to developing countries.
"This (rise in oil prices) is a matter of grave concern to all developing countries due to the imminent danger of economic dislocation and its cascading effect on both oil producing and consuming countries," Petroleum Minister Murli Deora said while addressing the 1st India Africa Hydrocarbon Conference in New Delhi.
India, which imports 73 per cent of its oil needs, has been hit by the surge in international crude oil prices that touched 96 dollars a barrel last week. State-run fuel retailers Indian Oil, Bharat Petroleum and Hindustan Petroleum are currently losing Rs 240 crore per day on selling petrol, diesel, domestic LPG and PDS kerosene as the government has not allowed them to raise retail prices in line with the surge in cost.
"As legitimate energy demands of developing countries grow in order to fuel their economic growth, the spare capacity across the global supply chain has been diminishing feed speculative interests in the oil market," he said at the conference jointly organised by Petroleum Ministry and FICCI.
Deora said the greatest challenge today was to provide humankind with its rapidly expanding energy needs in a cost effective and environment-friendly manner.
"Under these trying times, the spectacular oil reserves of Africa are gratifying," he said seeking greater cooperation with India and energy-rich African nations.
New Delhi is seeking oil and gas fields in nations like Nigeria, Sudan and Egypt to bridge the energy deficit it faces.