Hardeep Puri: India's Purchase of Russian Oil Benefited the World Amidst Price Volatility

Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri, defended India's decision to purchase oil from Russia, asserting that it played a crucial role in stabilizing global oil prices. In a statement on the social media platform X on Thursday, Puri underscored that India's strategic actions helped prevent a potential surge in oil prices that could have reached $200 per barrel.

“India did the entire world a favour by buying Russian oil because if we had not done so, the global oil prices would have skyrocketed,” Puri emphasized.

The minister clarified that Russian oil was not under sanctions but was subject to a price cap, which Indian entities respected. Addressing criticisms, he highlighted that several European and Asian countries had also made substantial energy purchases from Russia, stating, “While some ill-informed commentators suggested imposing restrictions on India, it’s noteworthy that many European and Asian nations acquired far more oil, diesel, LNG, and rare earth minerals from Russia, valued at billions of dollars.”

Puri reaffirmed India’s stance on sourcing energy from the most favorable options available, ensuring consistent supply and cost-effectiveness. “We will continue to buy energy from whichever source offers the best rates to our oil companies,” he said. Puri attributed this strategic confidence to the leadership of Prime Minister Narendra Modi, emphasizing that the government prioritizes "steady availability, affordability, and sustainability of energy" for its citizens.