Thread by @PetroleumMin

Recent article in an online publication made some comments on Crude #oilimports from Russia & raised questions about the benefits of recent decisions of the Govt. It is essential to bring #clarity to the issue through this thread (1/9) @PMOIndia @HardeepSPuri @Rameswar_Teli

Claim of Indian refiners reselling Russian crude back to Europe is based on a link which no longer exists. Extrapolation of unvalidated 30 day data (May 2022) to the whole year lacks the necessary economic rigour (2/9)
#OilPolicy @PMOIndia @HardeepSPuri @Rameswar_Teli

India and Russia have been all-weather friends and trade partners who have significant bilateral trade. The composition of the #tradebasket between the countries, varies from time to time, purely on #economicfactors (3/9) @PMOIndia @MEAIndia @DrSJaishankar @HardeepSPuri

While India is a net importer of #crude, it has a thriving Petroleum & Petrochemical Industry which contributes significantly to the exchequer. Petroleum Products have always been a large #Forexcontributor for India. (4/9) #OilPolicy #Oil4India #IndianBusiness

India prides itself as a #global refining hub.Our worldclass #homegrown refineries,both in Public & Private sectors,compete in the #Internationalmarket to procure most cost-effective #crude supplies meeting all domestic demand & exporting surplus Petroleum products #OilPolicy 5/9

While fuel prices have gone up substantially the world over, thanks to the responsible corporates in our Public sector #OMCs, India has had largely stable Petrol and Diesel prices (6/9)
@HardeepSPuri @Rameswar_Teli

Govt of India was ahead of the curve imposing special #AdditionalExciseDuty on export of Petrol/Diesel/ATF, & prodn of Crude Oil, starting July '22. Govt farsightedness places the #Indiancitizens at the front & centre of #Oilpolicies (7/9)
@PMOIndia @HardeepSPuri @Rameswar_Teli

While rest of the world has been catching up on these steps, India has been #proactively calibrating these levies in tune with the evolving global energy situation & has been an exemplar of economic resilience & stability #OilPolicy (8/9) @PMOIndia @HardeepSPuri @Rameswar_Teli

#Crude source diversification, reducing Central Taxes, additional taxes on exports, #windfalltaxes on crude oil prodn ensured stable, affordable & secure fuel supplies. Efforts to confuse understanding around well-intentioned & successful #energystrategy of Govt are best ignored