Puri denies pressure to halt Russian oil purchases, says price guides sourcing

New Delhi: Petroleum Minister Hardeep Singh Puri on Tuesday denied that India was under pressure to stop buying Russian crude, saying refiners would source oil on competitive commercial terms while safeguarding the country’s energy security.

Puri said India was not particularly buying Russian oil at present, but maintained that procurement decisions reflected commercial considerations rather than pressure from any country.

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"I have never felt any pressure," he said during an interaction at the 29th Energy Technology and Innovation Meet, which began on Tuesday.

"At the point of negotiation, whoever is supplying a particular grade, we will buy from them. Prices come down sometimes," he added.

Alternative suppliers available

His remarks came amid international scrutiny of India’s Russian crude purchases and Western efforts to curb Moscow’s oil revenues following its invasion of Ukraine.

Referring to restrictions on Russian oil companies Rosneft and Lukoil, Puri said buyers could turn to other suppliers, including those in the United Arab Emirates.

He also pointed to the diversification of India’s energy investments and sourcing, mentioning investments in Saudi Arabia and other locations.

Supply security and costs in focus

Puri said India, as a major energy consumer, could not compromise on supply security amid geopolitical uncertainty and volatility in global markets.

He emphasised that crude procurement involved multiple considerations, including the grade available, prices and supply terms. India’s approach, he said, was to maintain reliable supplies while managing costs for consumers and the broader economy.

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The minister’s remarks placed commercial flexibility at the centre of India’s sourcing strategy, with purchases dependent on the terms available rather than a commitment to any single supplier.

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