According to Union Minister of Petroleum and Natural Gas Hardeep Singh Puri, payment-related problems haven't caused a decrease in the amount of crude oil that Russia supplies to India. The minister stated that because cargo discounts were unappealing, Indian refiners reduced their imports of petroleum. According to the minister, Indian refiners reduced their imports of oil because the shipping discounts were unappealing. Despite being one of the world's biggest consumers of crude oil, India's imports from Russia have dropped dramatically in recent months. Although complaints about payment difficulties were received, the minister explained that the reason was only a decrease in freight discounts.
According to the minister, the nation would always buy crude oil from suppliers who are willing to sell it at the lowest prices. New Delhi has begun to broaden its possibilities for importing oil. Russia began to provide its oil at steep discounts during the conflict in Ukraine, following the imposition of sanctions by other nations. India quickly emerged as Russia's top crude oil supplier because of the competitive pricing. There were rumors that gas prices might rise following the Red Sea drone attack on cargo ships and the most recent truckers' strike in India. Hardeep Puri, however, asserted that the strike in the Red Sea will not affect India's gasoline supply.
Certain suppliers have rerouted, using the Cape of Good Hope, according to the Union minister. Longer travel would result from avoiding the Red Sea and Suez Canal, but the savings from not having to pay the transit price through the Suez Canal more than makes up for it. Therefore, he argued, it balances out. Additionally, there were rumors that the finance ministry was drafting a proposal for the Center to lower the price of gasoline and diesel prior to the 2024 Lok Sabha elections. Puri confirmed, though, that the Center does not have any such intentions.
