https://sputniknews.in/20240505/petrol-to-cost-20-inr-more-if-india-bows-to-western-pressure-jaishankar-7291785.html
Petrol to Cost 20 INR More if India Bows to Western Pressure: Jaishankar
Petrol to Cost 20 INR More if India Bows to Western Pressure: Jaishankar
Sputnik India
Indian External Affairs Minister (EAM) S Jaishankar said on Sunday that petrol in India would have been expensive by 20 Indian rupees (INR) if New Delhi had succumbed to western pressure.
2024-05-05T15:30+0530
2024-05-05T15:30+0530
2024-05-05T15:30+0530
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Indian External Affairs Minister (EAM) S Jaishankar said on Sunday that petrol prices in India would have rose by 20 Indian rupees (INR) if New Delhi had succumbed to western pressure on not buying Russian oil in the wake of the Ukraine conflict.India's petroleum ministry effected a price cut in retail prices of petrol and diesel in March, the first revision in prices since April 2022.Energy analysts have told Sputnik India that the price cut as well as lower retail prices in India had been possible due to "windfall gains" incurred due to New Delhi's decision to source Russian oil amid a global spike in prices attributed to European Union's (EU) decision to phase out Russian imports.India's finance minister Nirmala Sitharaman has described New Delhi's decision to import Russian oil in spite of western pressure as an "inflation management strategy".According to official Indian data, retail prices in India witnessed a drop of around eight percent in 2022-23, even as costs for energy imports in countries such as France, Italy and the United Kingdom rose by 12 to 29 percent.New Delhi has met around 30-40 percent of its overall energy needs since last year through Russian oil, making Moscow the top energy supplier.'Next Five Years Going to be Difficult'The Indian foreign minister noted that the world was witnessing conflicts in Ukraine and Middle-East, tensions in Arabian Sea and the South China Sea as well as Sino-India border dispute.He called upon the Indian voters to give a bigger mandate to Prime Minister Narendra Modi's government in the ongoing Lok Sabha election to be able to deal with global challenges.
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Petrol to Cost 20 INR More if India Bows to Western Pressure: Jaishankar
Energy analysts say that India's retail prices of petrol and diesel have remained stable due to the decision to import oil from Russia, which last year emerged as New Delhi's top crude supplier.
Indian External Affairs Minister (EAM) S Jaishankar said on Sunday that petrol prices in India would have rose by 20 Indian rupees (INR) if New Delhi had succumbed to western pressure on not buying Russian oil in the wake of the Ukraine conflict.
“We had this pressure on Russia-Ukraine [conflict]. We were clear. Suppose we had not be clear. Suppose we had said, sorry, you are saying it very strongly, we will not do what we did,” Jaishankar told an election-related event in Cuttack, Odisha.
"Your petrol price would have gone up by 20 Indian rupees (INR) because of that,” the top Indian diplomat estimated.
India's petroleum ministry
effected a price cut in retail prices of petrol and diesel in March, the first revision in prices since April 2022.
Energy analysts have told Sputnik India that the price cut as well as lower retail prices in India had been possible due to "
windfall gains" incurred due to New Delhi's decision to source Russian oil amid a
global spike in prices attributed to European Union's (EU) decision to phase out Russian imports.
India's finance minister Nirmala Sitharaman has described New Delhi's decision to import Russian oil in spite of western pressure as an "inflation management strategy".
According to official Indian data, retail prices in India
witnessed a drop of around eight percent in 2022-23, even as costs for energy imports in countries such as France, Italy and the United Kingdom rose by 12 to 29 percent.
New Delhi has met around 30-40 percent of its overall energy needs since last year through Russian oil, making Moscow the top energy supplier.
'Next Five Years Going to be Difficult'
Jaishankar cautioned that the next five years would be a "very difficult" phase for the world due to geopolitical and regional events.
"There will be problems. There will be pressure on us," he predicted.
The Indian foreign minister noted that the world was witnessing conflicts in Ukraine and Middle-East, tensions in Arabian Sea and the South China Sea as well as Sino-India border dispute.
He called upon the Indian voters to give a bigger mandate to Prime Minister Narendra Modi's government in the ongoing Lok Sabha election to be able to deal with global challenges.
"What we are seeing right now is like a trailer. The real movie is still going to come. It will come because bigger the majority which all of you will give us, the more we will be able to do from Delhi... At the end of the day, foreign policy achievements will depend on how we have built capabilities at home," Jaishankar stated.
