Oil Prices: Union Minister Hardeep Puri Explains Why India Bought Oil From Russia - Full Statement

Puri on Indian Oil Imports: On Friday, Union Minister Hardeep Singh Puri shared that global oil prices would have surged significantly had India not imported oil from Russia. Addressing India’s energy strategy, Puri noted that without these purchases, global oil prices would likely have escalated further.

While some countries criticise India’s continued energy imports from Russia, Puri pointed out that they overlook the broader benefits India's actions bring to the global energy market. 

Global Oil Prices Would Have Skyrocketed: Puri 

Talking about India sourcing oil from Russia, Puri said, “While they remain focused on India’s oil purchases from Russia, many do not realise that global oil prices would have skyrocketed if India hadn’t sourced oil from Russia,” Puri stated in a social media post.

The minister underlined that India's decision to source oil from Russia has played a critical role in balancing energy affordability, availability, and sustainability—a challenging "trilemma" that many nations grapple with. 

Energy, affordability, and sustainability

Puri added that, unlike many countries facing energy shortages and high costs, India has managed to meet its energy needs without placing a financial burden on its citizens, attributing this to Prime Minister Narendra Modi ’s strategic leadership.

“Under PM Narendra Modi’s dynamic leadership, India has successfully navigated the trilemma of energy availability, affordability, and sustainability,” Puri said.

Reaffirming India’s stance, Puri stated that the country would prioritise its own economic and consumer interests by securing energy from suppliers offering the best rates. India’s approach, he added, underscores its commitment to affordable and sustainable energy amid global uncertainty and fluctuating oil prices.

“India will buy oil from wherever our companies find the best rates,” Puri reiterated.

(With ANI inputs)