India’s Petroleum and Natural Gas Minister Hardeep Singh Puri has lauded New Delhi’s decision to diversify its crude import sources since last year, which primarily includes boosting energy imports from Russia.
At a panel discussion at the ongoing India Energy Week 2024 in Goa on Wednesday, Puri highlighted that the prices of petrol and diesel for India’s retail customers had declined as compared to prices elsewhere around the globe, which witnessed a sharp rise.
According to the Indian government data, petrol and diesel prices in India have reduced by seven to eight percent between April 2022 and April 2023.
The pricing in India has bucked the global volatility in crude prices as fuel costs at the pump have risen between 12 to 29 percent in India’s neighbouring nations as well as G7 economies such as France, Italy and the United Kingdom (UK).
Russia Remains India’s Top Oil Supplier in January
Meanwhile, data from energy intelligence firm Vortexa cited in the media noted that Russia maintained its vault position as top supplier of crude for New Delhi last month.
According to Vortexa, India imported around 1.2 million barrels per day (BPD) of oil from Russia last month.
New Delhi has resisted pressure from western governments to draw down its energy supplies from Moscow, with analysts saying that Russian oil has been selling at over the G7 price cap of $60 per barrel in the Indian market since last year.