India now imports more than 80 percent of its oil needs.
"Though there is enough production, the unique features of marketing in the oil sector have pushed up the oil prices", it said quoting the prime minister. Also, unrelenting fuel price rise since mid-August has negated cut in taxes and subsidy.
Ahead of the U.S. sanctions against Iranian oil, India on Tuesday blamed "sentiments" around losing a big supplier behind the rising crude oil prices, while maintaining that availability of oil to replace lost volumes is not an issue.
"To this, I said that my fields (in Rajasthan) are much worse then the oil-rich ones in Saudi Arabia but my cost is just $6 per barrel", he said.
"Prime minister cautioned producers like myself not to kill the hen that lays the golden egg", he said referring to consumers are the golden hen.
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Iran has lost some customers for its oil because of looming US sanctions, but high prices are making up for the lost sales, Iranian Vice President Eshaq Jahangiri has said.
On prices charged by oil-producing countries, Pradhan said, "Asian subcontinent must be treated at par".
Modi's first meeting was on January 5, 2016, where suggestions for reforming natural gas prices were made.
Sources said reforms initiated in the last four years in the oil and gas sector, including open acreage policy, pricing reforms and liberalised licensing policy, will be showcased and suggestions would be sought on what more can be done to hasten growth. More than a year later, the government allowed higher natural gas price for yet-to-be-produced fields in hard areas like deep sea.
State-owned Abu Dhabi National Oil Company (Adnoc) has invited Indian oil and gas companies to invest in its expanding downstream sector, as it looks to engage the world's third-largest economy in developing its hydrocarbon resources.
Besides, Organization of the Petroleum Exporting Countries (OPEC) Secretary General Mohammed Barkindo, Saudi Oil Minister Khalid A Al Falih, BP CEO Bob Dudley, Total head Patrick Fouyane, Reliance Industries Chairman Mukesh Ambani and Vedanta chief Anil Agarwal are also likely to attend the meeting.