The MEA said diversifying energy sources is a key priority for India's national interest. EAM S Jaishankar echoed this, highlighting the US as a reliable supplier, as the country grapples with a fresh round of fuel price hikes.
MEA on Energy Diversification
The Ministry of External Affairs (MEA) on Monday said that diversifying India's energy sources remains a key priority as part of New Delhi's national interest to provide affordable energy access for citizens, noting that it is of "prime importance" for the central government.
Addressing an inter-ministerial briefing on recent developments in West Asia, MEA spokesperson Randhir Jaiswal said India has been steadily expanding its energy procurement from multiple countries to strengthen energy security and ensure a stable supply at reasonable prices. He stated that India's diversification strategy also included buying energy from the US.
"The national interest of our people is of prime importance to us, as we provide them with energy at an affordable cost. And in this regard, it is important for us to diversify our sources. We have been buying energy from several sources and countries around the world, including the United States, and this has been happening for several years. In the last year or so, we have seen expansion in our energy supplies, which is helpful because we are diversifying and we are able to strengthen our energy security," Jaiswal said.
He further noted that India's strategy of diversification has helped improve resilience in energy supplies amid global uncertainties. "We have pointed out that distortions and constraints in the markets do not help us. It is in our interest that these constraints and distortions go so that energy prices can come down," he added. The MEA said such steps are aimed at ensuring long-term energy stability while safeguarding consumer interests.
Jaishankar on De-risking and US as a Supplier
On Sunday, External Affairs Minister S Jaishankar said India will continue to diversify its energy sourcing and maintain multiple dependable suppliers as part of its responsibility towards its citizens, stressing that energy security remains a top national priority amid global uncertainties.
Addressing a joint press conference with US Secretary of State Marco Rubio here, Jaishankar stressed that energy security requires de-risking through multiple sources, with the US emerging as a "very significant and reliable source" for India. He underlined that India has been steadily increasing its energy imports from the US over the years, with a sharper rise witnessed in recent times. "There's actually been a very significant uptick in our energy imports from the United States. It's not new. It started many, many years ago, but I think it's really picked up in the last year. And where India is concerned, this is an era of de-risking and probably energy more than anything else requires de-risking. So, a big country, if you are to do de-risking, looks at multiple sourcing. And for us, the United States has emerged as a very significant and reliable source of energy, as indeed have some other countries," he said.
Fuel Prices Rise Amid Global Volatility
Meanwhile, earlier today, a fresh round of fuel price hikes across the country marked the fourth increase in less than two weeks amid volatility in global crude oil markets and geopolitical tensions in West Asia. Following the latest revision, petrol prices in Delhi crossed the Rs 100-mark, rising by Rs 2.61 to Rs 102.12 per litre, while diesel prices increased by Rs 2.71 to Rs 95.20 per litre.
The latest revision follows three earlier hikes on May 15, May 19 and May 23. Since then, cumulative hikes have hit nearly Rs 7.5 per litre. The sustained rise in fuel prices is being attributed to elevated global crude oil rates, currency fluctuations, and supply concerns linked to tensions in West Asia, particularly around the Strait of Hormuz, a key global oil shipping route. (ANI)
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