India will keep energy affordability and consumer sensitivities at very core of its agenda to address climate change, according to the country’s Minister of Petroleum and Natural Gas Hardeep Singh Puri.
In an exclusive interview on the sidelines of India Energy Week 2025 — the country’s flagship event for the energy sector — Puri said: “In a democracy like India where we have elections all the time [from Federal to Municipal], the last thing you want is for energy prices to suddenly spike on the back of rushed policies or ill judged tokenism and for the consumer to be antagonized.”
With India’s population of 1.4 billion people, many of whom have very low levels of income, the minister added that affordable energy is not a “luxury but a necessity” due to developmental challenges the country faces in its path to economic progress.
“This makes it critical for us to make energy and fuels available at all times as well as make them affordable. Oil and gas play a huge part in that. But these challenges do not detract us from our sustainability goals.
“We are the only G20 country that has met its Paris commitments. We’re expanding solar power and wind farm capacity and remain firm believers in potential of green hydrogen.”
Success In Bringing Energy Prices Down
“For all of that, we have succeeded in ensuring that energy prices have come down in the last three years — why? Because the central [Federal] government has reduced its excise duty,” Puri noted.
“Some states, where my party [the BJP] is running the provincial government, have reduced the value added tax [VAT] that they are charging. None of these measures have watered down our enthusiasm for green, clean energy.”
Furthermore, in order to ensure that retail fuel prices stay competitive in a cyclical industry, Puri said his ministry is constantly ensuring diversity of hydrocarbon supplies for India.
No Shortage Of Oil Sellers
It helps that there is “no shortage” of sellers willing to sell their oil and natural gas, especially the former, to India as per its requirements. More so, in an oil market that’s having to contend with uncertain demand in 2025, and where a quarter of the growth may come from India.
The country currently imports 90% of its headline average consumption rate of 5.3 million barrels per day.
Puri said the number of India’s official crude oil suppliers was still at 39 (up from 27 last year) but added: “Everyday you add somebody or the other. The other day we lifted a consignment from Argentina. Yes, we will continue to buy from Russia and have hopes of incremental imports from Guyana as its journey as a producer progresses.”
India also purchases oil, especially light sweet crude, from the U.S. The flow of cargoes first began in 2016 and has grown ever since.
With President Donald Trump back in the White House — a U.S. politician who enjoyed a warm relationship with India’s long-serving Prime Minister Narendra Modi — hopes are high of an expanded energy partnership, with both set to meet for an official bilateral summit.
Puri noted: “I’d simply say that we have a very good bipartisan relationship with the U.S. but caution against hitching the relationship on to any individual politician. There’s already a very good basis on both sides for doing business.”
As for buying more U.S. oil, the Minister said India was already buying $20 billion worth of American crude a year. “So, I am sure it can go up in line with our needs and their desire to sell.”
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