New Delhi: India's Foreign Secretary Vikram Misri on Monday said that India’s energy import policy is guided by national interest, consumer affordability and supply security, even as questions persist over whether New Delhi will continue to purchase Russian oil following a recently announced trade deal with the United States.
Misri also said that India is not just one of the largest consumers of energy, but also plays an important role as a stabilising factor in global energy markets, which is one reason why the country imports energy from multiple sources.
He was responding to questions on India’s sourcing of Russian crude. “When you are dependent to the extent of 80–85 per cent on imported energy, concerns about inflation driven by energy costs are natural," he said, highlighting that safeguarding the interests of Indian consumers remains the government’s foremost priority.
For the unversed, US President Donald Trump claimed that as part of the agreement, India would stop buying Russian oil and increase purchases from the United States. He also announced the removal of a 25 per cent tariff imposed earlier on India over its energy imports from Russia.
In a Truth Social post on February 2, Trump said PM Modi had agreed to stop purchasing Russian oil and to buy more energy from the US, and potentially Venezuela. However, India has not confirmed any such commitment as part of the deal.
Earlier, the Ministry of External Affairs said India’s energy decisions would continue to be guided by the needs of its 1.4 billion people.
Reportedly, India imported around 1.215 million barrels per day of Russian crude in January, a decline from previous months.
Imports were down 12 per cent from December levels, following a sharper fall in December compared with November
