Wednesday, September 13 2006 17:19 Hrs (IST) - World Time -

New Delhi: Petroleum Minister Murli Deora has asked major oil producing nations to keep prices at sustainable levels even as he prescribed for collaboration between consumers and producers to ensure stability, security and sustainability.

"If benefits of economic development are to reach the economically weak, then we must continue to supply life energy fuels at affordable prices," Deora said at the 3rd OPEC International Seminar in Vienna.

The Minster was delivering the keynote address on 'Petroleum and Sustainable Development'.

Deora said maintaining lower prices of house hold fuels has placed enormous financial burden on the Government, as a result of which funding for social projects aimed at primary education and combating diseases are suffering.

"India's import bill is likely to shoot up from about 21 billion dollars in 2003-04 to about 66 billion dollars in 2006-07. These extra funds I believe could have been utilised in funding primary education, eradicating poverty and reducing child mortality," he said.

Deora warned that failure to achieve the Millenium Development Goals would fuel rise in social and political tensions putting plans for sustainable development in reverse gear.

"The way ahead calls for collaboration between consumers and producers. I believe that only together will we be able to sustain better lives for all the global citizens," he said.

"As representatives of our citizens, it is imperative that we work together to ensure sustained development, meet the MDGs and better our lives," he said.