Govt exploring all options to procure crude oil at affordable rates, says FinMin

Govt exploring all options to procure crude oil at affordable rates, says FinMin

The Indian government has already imported crude oil from Russia at discounted rates and is looking to further diversify its petroleum basket.





April 07, 2022 / 05:29 PM IST





Representative image (Source: Reuters)



The Union government is exploring "all viable options" to procure crude oil at affordable rates, the finance ministry said on April 7.

"In the spirit of Atmanirbhar Bharat, that places national economic and security interests above any other consideration, Government is exploring all viable options, including import diversification, to procure crude at an affordable price," the finance ministry wrote in its Monthly Economic Review report for March.

"Affordability is desired as even the present level of international crude price, should it persist for a long time, may come in the way of India achieving a real economic growth rate north of 8 percent in FY23," the report added.

Finance Minister Nirmala Sitharaman made similar comments at the 17th edition of the CNBC-TV18 India Business Leaders Awards on April 1, saying that if fuel was available at a discount, India would buy it.

However, the finance ministry's review report painted a rather dire picture, saying the rise in imports in March because of a 20 percent month-on-month increase in crude oil