New Delhi: Petroleum Minister Hardeep Singh Puri on Tuesday denied speculations that India was under pressure to stop importing oil from Russia. He clarified that the refiners would source oil on competitive commercial terms, safeguarding the country's best interests.
Puri admitted that India was not currently sourcing any Russian oil but stated that the decisions were made for commercial reasons rather than pressure from any country.
"At the point of negotiation, whoever is supplying a particular grade, we will buy from them. Prices come down sometimes," he said in his address at the 29th Energy Technology and Innovation Meet.
Alternative Suppliers
His statements made waves, while Western nations were criticizing India for its purchase of Russian oil amid the Ukraine conflict.
Referring to restrictions put on Russian crude companies like Rosneft and Lukoil, Puri suggested buyers could turn to other suppliers, including the United Arab Emirates.
He proposed diversification of sources and mentioned investments in the UAE and other locations.
Supply and costs in focus
Puri emphasized that crude procurement involved multiple factors, including the oil grade, supply terms, and geopolitical uncertainty. He said that India's approach was to maintain reliable supplies while managing costs for consumers and for the broader economy.
