'Oil export, margin remain the same. No question of profiteering': Hardeep Puri fact-checks Navarro

Union Minister of Petroleum and Natural Gas Hardeep Singh Puri on Monday wrote in an opinion piece that India's crude oil imports from Russia helped stabilise global markets. The Union Minister's opinion piece came after White House trade advisor Peter Navarro's rants against India for its continued purchase of Russian oil. 

Rejecting Navarro's 'laundromat' comment against India, Puri said that India's energy trade kept global oil prices under control at a time of uncertainty. "Some critics allege that India has become a 'laundromat' for Russian oil. Nothing could be further from the truth," he wrote in an opinion piece published in The Hindu. 

He added that long before the Ukraine conflict began, India had been exporting petroleum products for decades and its refiners had been processing a basket of crudes globally.

Going ahead, the Union Minister also reiterated the Ministry of External Affairs' stand on the issue of Russian oil imports, saying the government acted "decisively" to shield Indians after global prices went up after the Ukraine conflict.

"Oil PSUs absorbed losses of up to ₹10 per litre on diesel; the government cut central and State taxes, and export rules mandated that refiners selling petrol and diesel abroad must sell at least 50% of petrol and 30% of diesel in the domestic market." 

Furthermore, he said that India indeed prevented a $200-per-barrel shock to the world markets by adhering to all international norms while purchasing Russian oil.

"The larger truth is this -- there is no substitute for the world's second-largest producer supplying nearly 10% of global oil. Those who are pointing fingers ignore this fact. India's adherence to all international norms prevented a catastrophic $200-per-barrel shock, aligning with its civilisational values of Vasudheiva Kutumbakam."

Puri's confirmation came days after news agency Reuters reported that global crude oil prices could more than triple to $200 per barrel if India stops buying Russian oil. India ramped up Russian crude purchases after the Ukraine conflict, saving at least $17 billion since 2022. 

Further, he underscored that Russian crude oil has never been sanctioned the Iranian or Venezuelan crude, adding that it is under a G-7/European Union price cap system designed to keep oil flowing while capping revenues.

"There have been 18 rounds of such packages, and India has complied with each one. Every transaction has used legal shipping and insurance, compliant traders and audited channels. India has not broken rules. India has stabilised markets and kept global prices from spiralling."