To ensure the availability and affordability of crude oil, India has diversified its sourcing of crude to 39 countries from 27 earlier before the Russia- Ukraine war broke out, the minister said in an exclusive interview to NDTV.
Puri noted that India bought lots of discounted crude from Russia when it was offered cheap, but in the last three months, the purchases have gone up from Iraq and the UAE. “Now we have been absolutely flexible without hesitation. If we could buy crude cheaper somewhere or more readily somewhere, we use the market card because we also realize that we have that advantage,” Puri noted.
He said that India’s consumption of fuel that is already three times the global average is likely to go up to 6-6.5 million barrels per day in coming years from 5 million barrels today.
Responding to a question on managing the inflationary conditions led by rising fuel prices, the minister cited comparisons with neighboring countries and developed economies on percentage increase in retail fuel prices like diesel and petrol that have risen over 50% in Pakistan, Sri Lanka, Bangladesh and the US to project government’s apt handling of the inflationary conditions.
Regarding increase in LPG cylinder prices, Puri said the government has been subsidising the cylinders for the weaker sections of the society. He noted that price of LPG cylinders will depend on the global situation.
Puri is confident that government will navigate the situation well even in times to come and will handle it in a responsible manner. “Some of the others who are promising relief actually are not being able to pay up.”
Watch the full interview here:
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