Petroleum Ministry responds to The Hindu editorial: Higher Russian oil imports part of deliberate strategy
The Ministry of Petroleum has responded to concerns regarding India's increasing reliance on Russian energy supplies. Officials clarified that the rise in imports is a deliberate strategic move aimed at ensuring national energy security and affordability.
The Ministry of Petroleum and Natural Gas addressed an editorial published by The Hindu which highlighted that Russia's share in India’s crude oil imports surpassed 40% in May 2024. The ministry emphasized that the acquisition of Russian oil is part of a broader strategy to diversify sources while minimizing domestic fuel costs.
Government officials stated that the decision-making process is driven by the need to maintain a stable supply chain amidst global market volatility. By leveraging competitive pricing from Russia, India aims to shield its economy from inflationary pressures caused by fluctuating energy prices in other regions.
The response further noted that India remains committed to a balanced energy portfolio, engaging with multiple global partners. The ministry reiterated that energy procurement decisions are based strictly on national interest and the economic requirements of the population. Source: The Hindu.
