We owe the moral duty of our consumers, said the Union Minister of Petroleum and Natural Gas. In an interview with CNN in Abu Dhabi, the minister said that ” there is no moral conflict in buying India’s Oil from Russia.”
Due to the war in Ukraine, many economic and financial dealings got disturbed; however, Puri said, “absolutely none.” When explicitly asked if there was any moral conflict in buying Oil from Russia in light of the war in Ukraine, he said we don’t buy from X or Y. We believe in whatever is available.
Moreover, he added, the government does not do what oil companies do.
No Pressure, says Puri. India is the fifth largest economy in the world. We don’t feel any pressure. With extreme confident, they said that Narendra Modi’s government doesn’t feel the pressure. India will respond according to its supreme national interest. However, in the United Nations, India has not favored on Russia-Ukraine conflict. While in a meeting, Modi told Russian President Vladimir Putin that “today’s era is not of war.”
Since some western nations have stopped purchasing oil from Russia. As a result, it is offering discounts. India and China now account for over half of oil exports from Russia.
Oil Imports From Russia Incredibly Increased
According to the survey, Russia’s share of India’s Oil imports reached an all-time high of 23% in September. Whereas, since April, there’s been a 50-fold surge. The Middle East’s oil share fell slightly to around 56%.
Before the war, Russian oil accounted for only 0.2% of India’s total oil imports. “We buy in a quarter what Europe buys in an afternoon,” Puri said. He also admitted that Russia is now among India’s top four suppliers.
Undoubtedly, if no one buys oil from Russia, the prices will definitely go up. “If prices increase, there will be recession and inflation. During an interview, he refused to answer hypothetical questions about the plans of the G-7 nations. The United Kingdom, the United States, Canada, France, Germany, Italy, and Japan have discussed capping the price of Russian oil to reduce its revenue. India will examine if there is any proposal, Puri said.
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