Union Oil Minister Hardeep Singh Puri on Monday stated that India is open to vitality imports from all sources on the lowest charges, and home oil advertising companies are in search of extra fuel which is anticipated to value much less in 2026.
Addressing a presser on Indian Vitality Week 2025 starting on Tuesday, Puri allayed fears of an impression on vitality provides to India from Russia after US sanctions.
“In the present day we now have a state of affairs that we now have (elevated) from 27 suppliers to 39 suppliers. We added Argentina amongst others. We’re open to import from all sources.” “We issued tenders on the importation. These tenders are open to any provider. We purchase from the most affordable supply doable.”
He additionally knowledgeable that home (oil advertising companies) corporations are in search of extra fuel.
“We additionally count on the costs of fuel (pure fuel) to return down. My studying of the worldwide market is that in 2026, you’ll start to see a serious improve within the availability of pure fuel. We could get extra fuel from Qatar. Our corporations are in search of extra fuel.”
Puri said that the LPG (liquified petroleum fuel) is kind of saturated within the nation, and the concept is to take piped pure fuel to each home as it’s 30 per cent cheaper.
A prime official stated that Indian Oil, Bharat Petroleum, and GAIL are contemplating the acquisition of LNG (liquified pure fuel) and crude oil from the US.
The highest official additionally said that home companies could signal long-term contracts and should look to put money into the US (vitality tasks).
This assumes significance in view of Prime Minister Narendra Modi’s go to to the US later this week the place dialogue on vitality is probably going on the agenda.
In the course of the presser, Puri additionally stated, “I will probably be shocked if sourcing of vitality from the US doesn’t determine within the discussions (of PM and Trump).” He stated, “With President (Trump) saying he needs to see international costs of vitality to return down, he needs increasingly more vitality to return to the market. For international locations like India it’s a constructive growth.”
In the course of the India Vitality Week 2025, vitality consumers will maintain conferences with producers within the nationwide capital.
Puri stated that IEW’25 is ready to be even bigger, extra numerous, and extra impactful than its earlier two editions. Protecting over 1 lakh sq. metres, IEW’25 would be the second-largest vitality occasion globally when it comes to ministerial and CEO participation, exhibition house, and the variety of classes.
He additionally stated that the Ministry of Petroleum & Pure Gasoline will host a Clear Cooking Ministerial, bringing collectively international policymakers, trade leaders, and consultants to speed up the transition to scrub cooking options.
The occasion will showcase India’s success with the Pradhan Mantri Ujjwala Yojana (PMUY) as a mannequin for international adoption.
It goals to foster worldwide collaboration, drive coverage discussions, and facilitate expertise sharing to make sure clear, inexpensive, and accessible cooking vitality for households worldwide.
Puri additionally hinted about holding the following (tenth OALP) spherical of sale of oil and fuel belongings very quickly.
