India's Oil Strategy: Balancing Dollar Dominance and Domestic Prosperity

Union Petroleum and Natural Gas Minister Hardeep S Puri emphasized that de-dollarisation of oil trade is not a goal for India. The objective is to procure affordable oil to control inflation. He highlighted India's energy transactions with the US and clarified domestic measures to manage fuel costs effectively.

Union Petroleum and Natural Gas Minister Hardeep S Puri stated on Friday that India's focus remains on acquiring oil at competitive prices to curb inflation, rather than shifting away from dollar-denominated transactions. He reiterated that most oil trades remain dollar-based, with minor transactions occurring in rupees.

Puri emphasized strengthening energy ties with the United States, noting successful dialogue between Prime Minister Narendra Modi and President Donald Trump, which has resulted in India purchasing energy worth USD 20 billion. He pointed out increased energy supply from the Western Hemisphere and easing tensions with Venezuela.

He also highlighted domestic measures to stabilize fuel costs, noting that excise duty cuts and reduced VAT in BJP-ruled states have decreased petrol prices. Puri contrasted this with rising fuel costs in other countries and highlighted the success of India's Ujjwala scheme in tripling gas connections since 2014.