According to Union Minister for Petroleum and Natural Gas Hardeep Singh Puri, the G-7, a group of seven developed nations, has proposed a price cap on Russian crude oil, but the current administration is not feeling any pressure.
“When it occurs, we shall witness it. The Modi administration is unperturbed. I don’t feel anxious or afraid. If a logistics problem does develop, the market will take care of it.
Everything that occurs will be handled, “When asked about the price ceiling mechanism on Russian crude oil proposed by the G7 nations starting on December 5, Puri responded to reporters. At a press briefing held Wednesday in Greater Noida in conjunction with World LPG Week 2022, Minister Puri made the comments.
On September 2, the G7 nations decided to restrict Russia’s main source of income by putting a price restriction on its oil exports in the future.
The G7 decision states that only oil purchased at or below the price cap will be eligible for transportation services including shipping and insurance for Russian oil exports. According to reports, the G7 countries are still adjusting the price cap’s specifics before the deadline of December 5.
The Indian government has a moral obligation to supply energy to its inhabitants, and Puri said last month in Washington that it will continue to purchase oil from wherever it is necessary after his bilateral meeting with US Energy Secretary Jennifer Granholm.
The minister had previously stated in an interview with the media source that India is not morally obligated to continue purchasing oil from Russia. Puri also defended India’s purchases, saying that the country only purchased 0.2%, not 2%, of Russian oil and that it buys in one afternoon what Europe does in one day.
Following western sanctions against Moscow, the February-starting conflict in Ukraine has had a significant impact on global food security and caused a sharp rise in crude prices. India previously stated that its large consumer base and national interests will determine the amount of oil it imports.
Last week, when asked about India’s rising oil imports in the face of protest from the West, External Affairs Minister S. Jaishankar and Russian Foreign Minister Sergey Lavrov gave a joint press conference in Moscow.
“The energy market is under stress as a result of numerous causes. However, as the third-largest consumer in the world—one whose wealth is not particularly high—it is our responsibility to make sure that Indian consumers have the best possible access to the best prices on the global market “added Jaishankar.
“I have benefited from the ties between India and Russia in that regard. I would like to continue that if it works out for me “”EAM” added.
While speaking at the Greater Noida event on Wednesday, Union Minister Puri emphasised the importance of the World LPG Week 2022 theme, “Humanizing Energy,” noting that it is appropriate given that energy directly affects human well-being and that it is urgent to produce and use energy in a sustainable manner while ensuring accessibility and affordability for all.
The topic of the World LPG Week 2022, “Humanising Energy,” will bring together the global LPG business from November 14–18 at India Expo Mart (IEML), Greater Noida. The event was attended by senior officials from the Ministry of Petroleum & Natural Gas (MoPNG), Indian Oil Corporation Ltd. (IOCL), and members of the oil and gas industry.
Speaking about the situation before PMUY (Pradhan Mantri Ujjwala Yojana) was introduced, the Minister stated that for many years, Indian rural households had a significant problem accessing clean cooking fuel. Even though LPG was the primary source of cooking energy in urban India, many households still had to rely on biomass for their cooking needs, including firewood, dung, crop residue, coal, and charcoal.
The PMUY scheme, which provides benefits to more than 9.55 crore households in India, has emerged as a global role model for India’s success story in guaranteeing energy access and energy justice while meeting goals for combating climate change and empowering women, the minister said at the occasion.