The Indian government has clarified that it does not need permission from any foreign power to purchase Russian crude oil. Officials said the country’s energy policy is decided entirely on the basis of national interests and domestic needs, and not on the basis of external pressures. Government sources rejected the opposition’s allegations that India needs external approval to buy Russian oil. According to officials, this claim is factually incorrect and India takes decisions independently keeping in mind its energy needs.
This statement has come at a time when America has given temporary exemption of 30 days to Indian refineries to buy oil from Russia. This step has been taken amid increasing tension regarding Iran in West Asia. However, officials clarified that this relaxation is only to reduce procedural hurdles and does not affect India’s energy policy.
Government officials said India’s energy strategy is based on the so-called “energy trilemma” i.e. accessibility, availability and sustainability, which aims to ensure a stable supply of fuel for the country’s citizens. He also said that there has been no fuel shortage situation at petrol pumps in the country in the last 12 years, which shows the strength of India’s energy preparedness.
According to officials, India currently has reserves of more than 250 million barrels of crude oil and petroleum products. This stockpile is equivalent to approximately seven to eight weeks’ supply, distributed across strategic storage centers, tanks, pipelines, terminals and ships.
India has also widely diversified sources to secure its oil supply. While a decade ago the country used to import crude oil from 27 countries, now this number has increased to 40. According to officials, this helps in maintaining supply despite any kind of disruption in the global market.
Even after the Russia-Ukraine war, India continued and in many cases even increased oil imports from Russia. Government sources say that this decision was taken completely keeping energy security in mind, even though at that time objections were raised from America and European countries.
Citing historical examples, officials said India has handled US sanctions-related issues in a pragmatic manner in the past too. In the year 2013, the then government had reduced oil imports from Iran to get exemption under the US law National Defense Authorization Act Section 1245. At that time, US Secretary of State John Kerry had publicly admitted that India had significantly reduced the purchase of Iranian crude oil.
Government officials say the basic objective of India’s energy policy is to ensure affordable and stable energy for citizens. He reiterated that India will continue to buy oil from any reliable source available and this decision will be taken only keeping in mind the national interests.
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