Petroleum minister Hardeep Singh Puri stated on Wednesday that India’s oil imports from Russia fell attributable to unattractive pricing and never due to fee issues.
“There is no payment problem … It is a pure function of the price at which our refineries will buy,” Puri advised a press convention.
India, the world’s third-biggest oil importer and shopper, has emerged as a high purchaser of sea-borne Russian oil bought at a reduction after Western entities retreated following Moscow’s invasion of Ukraine.
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India’s December Russian oil imports fell to an 11-month low as 5 ships loaded with mild candy Sokol grade headed to different places after the U.S. imposed sanctions on some vessels and shippers for not complying with the G7-fixed $60 per barrel worth caps for oil at Russian ports.
“India’s leadership has only one requirement that the Indian consumer gets the energy at the most economical price, without disruption,” he stated, including on a mean India buys 1.5 million barrels per day of Russian oil.
He stated oil firms haven’t but complained to him about dealing with any issues in settling funds for oil imports.
“If they (Russia) don’t offer us (good) discount why would we buy from them,” Puri stated in Hindi, including that new oil producers in far-flung areas are prepared to supply higher reductions than Russia on crude gross sales.
He refused to elaborate on new suppliers which might be providing higher costs.
He stated the worldwide markets have loads of oil and there could be no provide constraints.
With inputs from businesses.