New Delhi : Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Tuesday said Russia has become the largest supplier of crude oil to India, accounting for more than 35 per cent of the country's imports. Speaking at the FIPI Oil and Gas Awards ceremony, the minister highlighted the dramatic shift in India's oil sourcing over the past two years, with Russian oil imports rising by a mere 0.2 per cent in February 2022 to consistently top the list in recent months.
Puri said, “For some time now, Russia has been the largest supplier of crude oil to India. The percentage will be above 35 percent, but it varies from month to month.” He said this growth is influenced by global price dynamics and availability, with India balancing long-term contracts with spot market purchases. “It was as low as 0.2 percent in February 2022, but then it increased. How it will stay and where it will go, I keep saying that these are not decisions that the ministry takes.”
For some countries, they have long-term agreements, for others, they are buying on the spot and then it becomes a function of price etc. In the near future, the major suppliers, Saudi Arabia, UAE, Iraq, Kuwait, United States are now the big suppliers. More and more energy is coming onto the global scene. Further, talking about India's progress in the energy sector, Hardeep Singh Puri said this is evident from major achievements like reduction in fuel prices over the three-year reference period, making India the only country in the world to do so. Has become.
Puri also stressed the emerging nature of India's energy partnerships, citing Saudi Arabia, the UAE, Iraq, Kuwait and the United States as other important suppliers.
“LPG cylinder prices in India are among the lowest worldwide, with the cost being Rs 6 per day for PMUY households and Rs 14 per day for non-PMUY households. Additionally, India is moving towards increasing its exploration area to one million square kilometers by 2030, with an expected growth of 16 percent by 2025.”
The Union Minister also highlighted the government's success in increasing ethanol blending in petrol from 1.53 per cent in 2014 to 16 per cent in 2024, with the aim of reaching 20 per cent next year. He said, “This achievement makes India the second largest economy in biofuel blending after Brazil. Emphasis was also laid on expanding City Gas Distribution (CGD) coverage, with 100 per cent CGD area coverage expected in 2024, compared to only 5.5 per cent in 2014.”
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