New Delhi, Feb 9 (IANS) Foreign Secretary Vikram Misri said on Monday that India’s energy sourcing decisions are guided by national interest, with an emphasis on diversification and competitive pricing. These remarks responded to reports suggesting that India may reduce Russian oil imports after announcing an interim trade agreement with the United States.
In response to questions regarding Russian crude, the Foreign Secretary emphasised that, as a developing economy and significant net importer, India must prioritise stable and affordable energy supplies.
He stated that protecting Indian consumers is “the government’s foremost priority,” and noted that India relies on imports for 80 to 85 per cent of its energy needs, a dependence that can contribute to inflation.
He explained that the government seeks to ensure that “consumers receive adequate energy at the right price and through reliable and secure supplies.”
He further stated that the energy import policy is driven entirely by these objectives.
Misri highlighted the global uncertainties present in energy markets and emphasised India’s role in promoting price stability. He noted, “India is not just one of the largest consumers of energy, but it also plays an important role as a stabilising factor in global energy markets.”
The Foreign Secretary stated, “The key drivers of our energy policy are adequate availability, fair pricing, and reliability of supply.”
He also explained that energy sourcing is managed by oil companies in both the public and private sectors, and that these companies make decisions based on prevailing market conditions.
Misri stated, “What I can firmly and confidently say is that, whether it is the government or our businesses, national interests will guide our choices.”
Minister of Petroleum and Natural Gas Hardeep Singh Puri informed the Rajya Sabha that India’s strategic petroleum reserves are sufficient to last 74 days in the event of global supply disruptions. The Indian Strategic Petroleum Reserves Limited (ISPRL) currently holds approximately 4.094 million metric tonnes of crude, representing about 77 per cent of total storage capacity.
Puri also noted that India is the world’s third-largest consumer of crude oil and the fourth-largest refiner, with refining capacity increasing from 260 to 320 million metric tonnes per annum.
–IANS
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