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Saturday, January 28, 2023

India Will Buy Oil from Wherever It Has to: Union Minister Hardeep Puri

The rising cost of natural energy has become a major concern for many nations

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INDIA: Union Minister of Petroleum and Natural Gas Hardeep Singh Puri officially confirmed that no other country has stopped India from buying oil from Russia.

This statement was made in the midst of the current conflict in Ukraine, which undoubtedly has disturbed patterns of supply and demand.

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India needs to provide energy and resources to its citizens and will continue to do so from wherever it has to.

Puri said, “You are clear about your policy. You will buy from wherever you have to. Our energy purchases come from sources hitherto unheard of; we are in discussion with them. “We will also acquire assets outside.”

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The entire discussion was held in Washington after Puri finished his bilateral meeting with US Energy Secretary Jennifer Granholm.

The rising cost of natural energy has become a major concern for households, industries, and entire nations’ economies.

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According to sources, India’s purchases of crude oil from Russia have surged more than 50 times since April and have reached 10% of all petroleum purchased from outside.

Meanwhile, Puri answered Indian reports when asked about buying petroleum. He said, “India will buy oil from wherever it has to for the simple reason that this kind of discussion cannot be taken to the consuming population of India.”

He also added on sharing information, “In terms of petrol and diesel, if the increases in North America are 43–46 percent, in India we allow prices to go up by only 2 percent or so. In terms of gas, global benchmarks went up by 260–280 percent, and our ability to contain gas price increases was something around 70 percent, but subsequently, other suppliers stepped in. And I think, in the following months, another middle-eastern supplier was in the No 2 situation. And Saudis were No 1 always and one quarter I think Russia moved up.” 

However, External Affairs Minister S. Jaishankar made use of various platforms to explain India’s decision to continue buying Russian oil. But, as long as the rate is increasing continuously, nothing seems satisfactory.

Puri during his speech also said, “Very often people don’t understand how the oil trade takes place. If I have to buy, let’s say, crude oil from a very distant place, where the price of an icebreaker has to go in, it does not work out. For me, it’s much easier to buy from a nearby point. Let’s say the Gulf. “The oil markets will play, and we have to play the market card to choose.”

Also Read: EU Proposes Price Cap Amid Putin’s Threats of ‘No Gas, No Oil’

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