Fuel Price: US Grants 30-Day Waiver For Russian Oil Purchases As India Defends Energy Security Needs

Añadido: 2026-05-19

[00:00:00]India's Russia oil purchase to continue.

[00:00:02]Government says that India to buy Russian oil despite US sanction. We have decided where to buy oil from only commercial sense dictates purchase.

[00:00:13]Government allay's fears and no shortage of crude oil. This is what the government is saying. And uh remember India bought Russian oil before and after the waiver. So India will continue purchasing the Russian crude oil regardless of whether the United States extends sanctions waiverss with decisions driven by commercial viability and energy security needs. Uh this is what the petroleum ministry uh is saying and uh Sugata Sharma the joint secretary in the petroleum ministry has told uh uh the media that regarding the American waiver on Russia I would like to emphasize that we have been purchasing from Russia earlier before waiver also during waiver also and now also so that is going to continue India is going to continue buying uh crude oil from Russia.

[00:01:04]Regarding American waiver on Russia, I will like to emphasize that we have been purchasing from Russia earlier and we I mean before waiver also, during waiver also and now also so it is basically the the the commercial sense which should be there for for us to purchase I mean for OMC's to purchase. So that uh that's my precise answer. There is no shortage of crude. Uh enough crude has been tied up repeatedly I have told you and this whatever waiver or no waiver it will not affect it shall not affect uh our supplies and all efforts have been taken uh to that effect.

[00:01:45]So India will continue buying uh Russian oil and uh the government has said that India will buy Russian oil despite the US sanctions and India has clearly said that we decide where to buy oil from.

[00:01:57]The government has said that only commercial sense dictates purchase and there's no shortage of crude oil and that India used to buy Russian oil before and after the waiver also and that will continue. We just heard uh the petroleum ministry official talking about how India is going to continue uh buying the Russian oil and uh despite the US sanctions on buying the Russian crude oil.

[00:02:23]So the government has also said that there's no shortage of crude oil and that India bought the Russian oil before and after waiver also and that is going to continue. My colleague Ashwara Patil continues to stay with us. Sashwara uh we are also learning that the government has said that India is going to continue buying Russian crude oil despite uh the US sanctions. Give us more context.

[00:02:46]Uh yes well uh yesterday there was the interministerial briefing where Satash Sharma who is the uh the joint secretary at the ministry of petroleum and natural gas mentioned that uh whether the sanctions exist or not we still have been buying Russian crude uh for the longest time before the war during the war and even after the war despite sanctions. So uh the deal in with Russian crude is also that there are multiple entities which supply Russian crude to um us and across the world. There are some entities which are sanctioned Russian entities which are sanctioned and there are some Russian entities which are unsanctioned. So uh we have been buying unsanctioned Russian crude any which ways from um on throughout this whole period. Um even um as of March I as as much as I can remember Kepler uh which is one of the you know tracking agencies had said that we're buying anywhere between 1.5 >> All right do stay with us we're now being joined by Congress MP Manikam Teor on the broadcast Mr. Teor a very good morning to you. Uh so the big breaking news today is the price hike in the petrol and diesel prices which have been hiked by around 90 pes and what we're also learning is that the government has said that they're going to continue uh they will continue buying the Russian oil. How do you see these developments?

[00:04:21]>> Yeah, we all know that the mistakes of Mr. Modi the government's policies are affecting the people in a larger way and Mr. Modi was able to collect lot of money from the public through the exercise tax and others the long prices was low and now when the prices are increasing he's able to charging those for big people same people who had voted him for Benal and Assam and we know that in he was waiting keeping these prices under control till the elections are over if at all Uttar Pradesh election to the app now in September. He will not be doing this because elections are in February.

[00:05:06]He feels that the the people of India will forget it and the prices we can keep on it affects every one of the Indian public particularly class the working woman the MSM poor people farmer everybody get get affected everybody's sources are going to be lesser and money from everybody's practice going to be taken out by the government this is a Modi doesn't care about public he only car >> but Mr. Tigor if we take a look at the crisis globally it's a global crisis all the countries are increasing the prices in fact the prices are being increased exponentially and if we compare the price hike that we are witnessing in India it's it's comparative comparatively very low >> is unfortunate that we these kind of uh stories which is been planted by BJP is being promoted we all know that four months before when the parliament session was there leader of opposition Bahur Gandhi Gi warned about this. He said that there is going to be a huge crisis coming. In that time government was not ready to hear it. Government or a leader means who has to forecast the future not panic it and give explanation that in Bangladesh it is less in Vietnam in Pakistan it is less. We have to understand that government's intention is wrong and they are just cooling people for elections.

[00:06:35]They will control the prices after elections. They will punish those.

[00:06:40]>> Mr. Marikam Tagor, there's Russian oil relief also that we're learning. Uh US has allowed waiver on Russian oil purchase as well. How do you see that?

[00:06:50]>> Compromised prime minister will act on US pressure only. He would have India's compro India's foreign policy has been compromised and Modi's only intention to save got got a bailout for Sadani's case in US and he has done it also now these kind of compromises he will continue to do it Modi's governance has become a one of never India has done like this get compromises with other countries like US to surrender towards them and it is we again seeing that kind of thing that we don't take independ decision.

[00:07:25]>> But Mr. Manikamor, there's another argument that is often being made by the BJP leaders. They say that the prices in the Congress ruled states is much higher than the prices in the BJP ruled states.

[00:07:36]Why? So >> when they will when they will stop this kind of comparisons we don't know because the problem with them with the discrimination by the finance minister under the Modi government is known. All the opposition rule states the funds has been stopped they don't release the GST collection also they they block on every head maybe the PMI or whatever new new program they name it and they don't give for school they don't give for money for which has been collected from the same states like kataka sabulat whatever money has been collected it has not been given back by these kind of arguments are bogus arguments and they continue to take away the money of People of the Congress ruled the opposition told states and they to their own discrimin discriminatory way to other states. This had never happened in India.

[00:08:32]>> All right, Mr. Malikam Teodor do stay with us. So that is the argument coming in from the Congress party. Congress party is saying that Rahul Gandhi had already warned that the prices are going to be hiked after the elections and that is what is being witnessed in India. Had there been any assembly elections in the coming days, this would have not been happening. This is what the Congress party is arguing. And on the uh Russian oil relief, the Congress party is saying that uh the the government is compromised and uh despite the price rise in India being much lesser than what we are witnessing globally. News coming in more Russian oil relief for India. Now US has allowed waiver on the Russian oil purchase. US waiver on Russian seaborn oil and crude on May 16 sanction waiver had lapsed and now extended. So US is now US has now given 30-day waiver on Russian oil purchase.

[00:09:30]So, US Treasury Secretary Scott Bassent has said that US is issuing a temporary 30-day general license to provide temporary access uh to Russian oil and US is issuing a waiver allowing the sale of Russian crude oil and petroleum products that are already loaded on tankers.

[00:09:51]That is the latest that is coming in.

[00:09:52]There's Russian oil relief also for India with US now issuing a 30-day waiver. uh remember the sanctions uh the waiver had lapsed on May 16 and now uh it has been extended for 30 days. US has given 30-day waiver on Russian oil purchase. So US Treasury Secretary Scott Bessent has said that US is issuing a temporary 30-day general license to provide temporary access to the Russian oil. And it is also important to note that this waiver is allowing the sale of Russian crude oil and petroleum products that are already loaded on the tanker.

[00:10:29]So that is a bit of relief for India uh as India as US has now extended uh the sanctions waiver on the Russian oil purchase.

[00:10:42]So India will continue buying the Russian crude oil and uh the US has also extended uh the sanction waiver which lapsed on May 16 and now it has been extended by 30 day. So for 30 more days US India can buy Russian oil but uh this uh this extension is uh this waiver is uh allowing the sale of Russian crude oil and petroleum products that are already loaded on the tanker. So remember the sanction waiver had lapsed on May 16 and there were questions being raised what will happen next but now what we're learning is that there's some relief for India as US has uh allowed sanction waiver for 30 more days.

[00:11:29]Let us also take a look at how the prices have been increasing around the world. How it is increasing in India and in the other parts of the world. So if you talk about uh the United States the price highs uh price hike has been around 48% as compared to India where uh uh 3.9 rupees uh hike has been there in the fuel prices. So uh in US the percentage is around 48%. If we talk about uh Australia the hike has been around 38.9%.

[00:12:02]If we talk about uh Pakistan, the hike has been around 50.4%. If you talk about India, the price hike is around 4% only in comparison to uh the other countries.

[00:12:13]If you talk about China, uh the hike is 27.7% and uh Vietnam has witnessed a hike of 47% as compared to India where the hike has been just around 4%. Canada has witnessed a hike of 32% on the fuel prices and um Myanmar has witnessed the highest hike which is of 100%. So 100% price hike in Myanmar. So the west west Asia crisis is definitely uh impacting all the countries most of the countries and uh the price hike has been globally uh impacting the fuel prices and UAE has witnessed 86% hike and these are the these are approximate figures uh of the price hike in various parts of the world which is much higher than what we are witnessing in India but remember the these price hikes are so far in India uh the so far price hike has been of four rupees but we don't know whether these prices will be hiked more in the coming days or not the situation remains very volatile but there's also some relief for India as there's also an extension of 30 days that has been uh issued by US on buying Russian oil and uh India today global prneada is now joining us with more details on this prane we were talking about how uh there has been price hike in several parts of the world but the if you compare the price hike hike it has been much lesser in India as compared to other countries.

[00:13:44]You're absolutely right, Anji. Um the the relative figures about price hike in India and other countries, you can very well see the distinction and you can very well see the the difference uh in the in the amount and in the rate of price hike in various countries but every country has a different profile.

[00:14:02]Every country has different system as well and based on those systems they they implement and uh it also affect because India is uh is the net importer of energy. sources and in fact we have a huge population to ensure the energy security of India and as India has already diversified its oil oil basket and uh you know it's it's it's a net outcome of the prevailing situation uh especially the state of almost uh and and the adjacent areas because still the oil supply uh remain disrupted in the regions because uh state of almost is the is the sea lane of communication which uh uh through which almost 20 or 20 to 30% of the global energy supply passes and still there are choke points still there are disruption of those oil supply and this is the net uh effect of those disruptions and even if the state of almost opens today many analysts believe that even uh to to restore the normaly or the the normal flow of uh you know oil supplies uh can only be restored after uh after all six to 8 months. So the disruption has been caused by this the very west Asia conflict and due to that many countries had to go for uh you know energy emergencies and still the measures are being taken. Government of India has uh you know still tried to tried best of their effort to delay this process but still the situation remains volatile as you also mentioned and uh the possibility still remains and uh in a country like India uh which is which has like 1.4 4 billion people, one of the most populous country on the planet and we have to ensure our energy security and our energy needs need to be fulfilled uh you know with the with the constant supply and with for that we have to source our energy be oil or gas and and various other petroleum related products from different countries doing as far as uh as as nor as well where prime minister Narendra Modi is traveling right now and India will be holding you know India Nautic talks in the Nordic summit as well there because Norway uh could also be energy supplier for India and India has diversified its energy sources from Latin America to uh to Africa to Russia to to various other parts of of the world.

[00:16:24]>> All right Prane thank you for those details. So what my colleague Prane was pointing out that even if the situation gets better, even if the whole mus tensions ease there uh we can still it can still take six to eight months for normaly to return or for the fuel prices to become stable or even to see a drop in the fuel prices and uh let's also understand if more fuel hike fuel price hike is coming in the uh in the uh next few days. So what is the loss that is being incurred to these oil firms? So what we are learning is that 10 rupees per liter uh on the prices of petrol is the loss that is being incurred uh by the oil firms. If you talk about uh uh if you talk about diesel uh the loss is about 13 rupees per liter. So that is the loss which is being incurred by these oil firms and hence uh the price hike that we are witnessing currently on the fuel