Petroleum Minister Hardeep Puri has stated that volatility in oil rates might hurt energy transitionPetroleum minister Hardeep Singh Puri said on Monday he was concerned about high oil rates, and cost volatility could harm the world's energy transition.Mr Puri told Reuters on the sidelines of an oil and gas conference in Abu Dhabi that when petrol rates are - and diesel costs - are going actually through the roofing, obviously, we are worried .

India has been at the forefront of efforts to urge the Organisation of Petroleum Exporting Countries (OPEC) to ensure accountable rates of oil that suits both producer and customers.

Does it need to be affordable? Yes.

If energy is not cost effective, you're going to have a problem, he said.He said it depended on OPEC and allies led by Russia, known as OPEC+, whether to accelerate the pace of increasing output, however you can not have a circumstance in which the transition is not organized, stable, and foreseeable.

Mr Puri said despite underinvestment in the sector, excess capacity of some 5 million barrels daily was offered that might be pumped into the market and stabilise rates, but is being kept back by producing nations.

Those choices, they are considering whatever factor, possibly they believe it's a good time to offset the low rates that were there during the financial lockdown, he said.

I have a really different take on it.

Sometimes when you take choices for short-term gain, you may unleash other forces.

He said he expected oil need to fall if prices surpass a point .

Already, one big country, which is a 20 trillion-dollar economy, has the highest inflation figures in the last thirty years.

There is truth staring you in the face.

Mr Puri said manufacturers likewise require the energy transition to be orderly and would be hurt if costs ended up being expensive.