Moral duty toward people: Puri defends buying oil from Russia
India's Petroleum and Natural Gas Minister Hardeep Singh Puri on Saturday defended India's decision to acquire crude oil from Russia and stated that he had a moral duty to supply energy to the people of the country. While speaking at a news conference, he said that India has not been told by any country to cease purchasing oil from Russia.
Why does this story matter?
In the midst of the Russia-Ukraine crisis, the United States and numerous European nations have been urging India not to buy Russian oil since it violates the sanctions imposed on Russia. It was a plea for India to take sides in the conflict, despite the country's non-alignment policy. In the midst of soaring crude oil prices, Russia gave India substantial discounts.
What exactly did the minister say?
"India will buy oil from wherever it has to for the simple reason that this kind of discussion can't be taken to the consuming population of India," he said. "Have I been told by anyone to stop buying Russian oil? The answer is a categorical 'no'," the minister said adding that he also held a bilateral meeting with US Energy Secretary Jennifer Granholm.
Watch: Video of the press conference by Hardeep Singh Puri
Pressure from UK and US on India
Energy purchases from Russia by India have drawn criticism from the US and the UK. Notably, India was invited to join the European Union's partial embargo on Russian crude oil and petroleum products. Additionally, US President Joe Biden requested Prime Minister Narendra Modi to refrain from stepping up India's purchases of Russian oil, stating that doing so would not be in India's best interests.
Can't afford to pay high price for oil: EAM Jaishankar
In a meeting with his UK counterpart Liz Truss, the External Affairs Minister (EAM) S Jaishankar noted bluntly that the majority of the big consumers of Russian oil and gas were from Europe. Jaishankar said in August that India has sustained its crude oil trade with Russia because its citizens cannot afford to purchase oil at exorbitant rates.
Merely 3% of total crude oil imported from Russia
India imports over 85% of its total crude oil usage. Only 3% of which originates from Russia. As crude oil prices crossed the $130 mark, Russian oil firms with large stocks offered India discounts of up to $35 a barrel.
In Delhi-NCR, CNG, PNG hiked by Rs. 3
Meanwhile, compressed natural gas (CNG) and piped natural gas (PNG) prices have increased by Rs 3 each in the national capital and surrounding areas, which is a significant blow to the common people. The new rates will be in effect beginning on October 8, 2022 (Saturday). The rate increase coincides with an increase in natural gas input prices.
Why did the prices increase?
According to India Today, the government hiked the amount paid for gas generated from aging gas fields last week from Rs. 6.1 per million British thermal units to Rs. 8.57 per unit (mmBtu). Gas collected from challenging regions now costs Rs. 12.6 per British thermal unit, up from Rs. 9.92 previously. As a result, there were signs of a significant increase in prices.
