Blaming the current marketing practice for high oil prices, Prime Minister Narendra Modi on Monday made a strong case for partnership between producers and consumers in the oil market to cut energy cost and provide stability to the global economy.

"Prime Minister Modi made a strong case for a partnership between the producers and consumers, in the oil market, as it exists in other markets. This will help stabilise the global economy which is on a path of recovery," the Prime Minister's Office said in a statement.