New Delhi, February 10: India’s Foreign Secretary Vikram Misri stated on Monday that decisions regarding the country’s energy sources are made solely based on national interests, emphasizing diversification and competitive pricing. His remarks came in response to reports suggesting that India might reduce imports of Russian oil following the announcement of an interim trade agreement with the United States.
Addressing questions about Russian crude oil, Misri highlighted the necessity for India, as a developing economy and a major energy importer, to prioritize stable and affordable energy supplies.
He asserted that protecting the interests of Indian consumers is the “government’s top priority.” Misri noted that India imports 80 to 85 percent of its total energy needs, and such high dependency can also impact inflation.
The Foreign Secretary clarified that the government’s goal is to ensure that “consumers have access to energy at the right price, in adequate quantities, and through reliable and secure means.” He stated that the energy import policy is entirely driven by these objectives.
Misri pointed out the uncertainties present in global energy markets, stating that India plays a crucial role in maintaining price stability. He remarked, “India is not only one of the largest energy consumers in the world but also plays a significant role as a stabilizing factor in global energy markets.”
He reiterated that the key foundations of India’s energy policy are adequate availability, fair pricing, and supply reliability.
Misri also mentioned that decisions related to energy imports are made by both public and private sector oil companies and are based on current market conditions.
“I can say with full conviction and confidence that whether it is the government or our business institutions, all decisions are guided by national interests,” Misri added.
Meanwhile, Minister of Petroleum and Natural Gas Hardeep Singh Puri informed the Rajya Sabha that India’s strategic petroleum reserves are capable of meeting needs for up to 74 days in the event of any disruption in global supply. The Indian Strategic Petroleum Reserves Limited (ISPRL) currently holds approximately 4.094 million metric tons of crude oil, which is about 77 percent of its total storage capacity.
Puri also mentioned that India is the world’s third-largest crude oil consumer and the fourth-largest refiner. The country’s refining capacity has increased from 260 million metric tons per year to 320 million metric tons per year.
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