Addressing concerns over potential reductions in Russian oil amid US trade talks, Foreign Secretary Vikram Misri reaffirmed Monday that India’s energy import strategy is anchored in national welfare, prioritizing diverse sources and market-driven prices.
For a nation importing 80-85% of its energy as a major developing power, consistent and budget-friendly supplies are non-negotiable, Misri explained. Protecting consumers from price shocks remains the utmost governmental duty.
India’s approach guarantees ample, secure, and reasonably priced energy, with decisions by oil majors in public and private domains reflecting current market conditions. Misri stressed India’s stabilizing influence in turbulent global energy arenas.
The policy’s foundations—adequate supply, fair costs, reliable channels—drive all actions, he noted. In Parliament, Minister Hardeep Singh Puri detailed strategic reserves capable of 74-day coverage, with ISPRL storing 4.094 million metric tonnes (77% full).
Boasting third-place in consumption and fourth in refining globally, India’s upgraded 320 million metric tonne annual capacity from 260 highlights strategic foresight for enduring energy stability.