Union petroleum minister Hardeep Singh Puri on Tuesday denied that India was under any pressure to stop buying Russian oil, reiterating that Indian refiners will purchase crude from whichever supplier offers the most competitive prices.
Addressing reporters at the 29th Energy Technology and Innovation Meet, Puri stressed that India’s procurement choices are strictly driven by commercial considerations and the vital need to maintain domestic energy security amid global market uncertainties.
"I have never felt any pressure," Puri declared during an interaction at the meet. "At the point of negotiation, whoever is supplying a particular grade, we will buy from them. Prices come down sometimes."
The minister's remarks arrive amid heightened international scrutiny of India's purchases of Russian crude following Western efforts to curb Moscow's oil revenues after its invasion of Ukraine.
Addressing recent restrictions placed on major Russian entities such as Rosneft and Lukoil, Puri noted that buyers retain the flexibility to source crude oil from alternative global suppliers, including entities in the United Arab Emirates (UAE). He highlighted that India has proactively diversified its broader energy investments and sourcing, pointing to key investments in Saudi Arabia and other international locations.
Puri emphasised that India, as a major energy-consuming nation, cannot afford to compromise on its energy security amidst ongoing geopolitical developments and international market volatility.
Navigating the complexity of global oil and petroleum-product trade requires procurement decisions based on complex commercial and supply considerations, Puri explained. India's strategic approach remains focused on ensuring reliable supplies while simultaneously managing costs for domestic consumers and the broader national economy.
Questioning the logic of framing India's oil purchases as a matter of external pressure, Puri reiterated that future procurement choices will depend entirely on the financial and commercial terms offered by global suppliers.