India continued buying Russian oil despite US sanctions: Govt
The official said that “commercial sense” was the determining factor behind the crude oil purchase, adding that India has adequate crude oil reserves
India has been purchasing Russian crude oil regardless of the sanctions imposed by the US or the consequent waivers on those sanctions granted by the Trump administration, the Centre said on Monday (May 18).
Govt confirms continued imports
The revelation was made by Sujata Sharma, Joint Secretary in the Petroleum Ministry, during a media briefing. Sharma said India had been buying Russian oil “before waiver, also, during waiver, also, and now also”, as quoted by Reuters.
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She further stated that “commercial sense” was the determining factor behind the crude oil purchase, adding that India has adequate crude oil reserves and is not expecting any disruption caused by the changes in the waiver policies.
“It is basically the commercial sense which should be there for us to purchase. There is no shortage of crude. Enough crude has been tied up repeatedly…and this, whatever waiver or no waiver, it will not affect,” added Sharma.
Tariffs, under-recoveries and market strain
US President Donald Trump had earlier imposed 25 per cent retaliatory tariffs on India for its purchase of Russian oil, which he claimed was being used by Moscow to fund its war in Ukraine. The levy was later withdrawn.
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During the briefing, she further stated that India’s public sector oil marketing companies have reduced their daily under-recoveries to around Rs 750 crore from nearly Rs 1,000 crore earlier, even as the conflict in West Asia continues to strain global crude markets and disrupt established supply routes.
The announcement follows a recent upward revision in domestic fuel prices, with state-run retailers increasing petrol and diesel rates by Rs 3 per litre. Compressed Natural Gas prices were also raised by Rs 2 in major urban centres, including Mumbai and Delhi.
Supply remains stable despite panic buying
Sharma said refining operations across the country remained stable and crude stocks were sufficient to meet demand. “Every possible effort is being made to keep the supply of petrol and diesel normal,” she said, adding that no petrol pump, diesel outlet or LPG distributorship had reported stock depletion, reported ANI.
She acknowledged that panic purchases had been seen in certain areas after rumours triggered concern among consumers. “The government moved quickly to replenish stocks,” Sharma said, adding that domestic cooking gas deliveries were continuing without disruption, though commercial LPG availability was currently operating at nearly 70 per cent of normal levels.