India is the third-largest oil importer and consumer, on Monday said oil prices have to be reasonable and market-determined as it expressed concern over rise in rates on supplies being artificially adjusted below demand by producing countries.

With an increase in international oil costs pushing retail fuel and diesel rates to record high, bharat last month  in agreement to release 5 million barrels of crude oil from its Strategic petroleum Reserves, Minister of State for Petroleum and Natural Gas Rameswar Teli said in a written reply to a problem within the Rajya Sabha.