News Brief
'India Did The Entire World A Favour By Buying Russian Oil': Union Minister Hardeep Singh Puri
Union Minister Hardeep Singh Puri. (X)
Union Petroleum and Natural Gas Minister Hardeep Singh Puri stated on Thursday (8 November) that India's decision to purchase oil from Russia amidst worldwide uncertainties prevented a potential surge in global oil prices.
"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 to $200/barrel," Hardeep Singh Puri wrote on X.
The Union Minister clarified that Russian oil was not subjected to sanctions, but only a price cap, and assured that Indian companies have complied with this cap.
Puri further noted that European and Asian nations also made substantial energy purchases from Russia, saying, “Let us not forget that while some ill-informed commentators talked about putting restrictions on India, many other European and Asian nations bought much more crude oil, diesel, LNG, rare earth minerals worth billions of dollars from Russia".
"We will continue to buy energy from whoever offers the best rates to our oil companies. That’s the confidence of PM Narendra Modi Ji’s leadership," Puri noted, adding that ensuring "steady availability, affordability, and sustainability of energy" for India's citizens remains a top priority.
According to Puri, around 70 million Indians visit petrol stations daily, and ensuring steady availability, affordability and sustainability of energy for them is the government's top priority.
Despite global price increases, Puri claimed that India remains the only major consumer nation to witness a significant decrease in fuel prices over the last three years.
