Hardeep Singh Puri

Improved prospects, attractive valuation for oil marketing companies

OMCs hold 45 days inventory priced at around $75 per barrel crude

Excise duty on petrol, diesel raised by Rs 2 a litre after 34 months

OMCs to absorb extra cost, retail prices may be cut if global prices remain low, Minister says

No windfall tax on oil, gas companies after new law: Hardeep Singh Puri

Oil and gas companies will not face any new taxes like the windfall profits tax after the coming into effect of a new law that promises stability of fiscal regime, Petroleum Minister Hardeep Singh Puri said. Parliament has passed the Oilfields (Regulation and Development) Bill, 2024 that provides policy stability to investors, decriminalises provisions and promotes ease of doing business. "After this bill, it will be difficult to levy (new taxes like) windfall tax because somebody will sue us (for failing to keep the promise of fiscal stability)," he said at a reception he hosted to celebrate the passage of the bill. Investors looking to invest in finding and producing oil and gas want fiscal stability, and new taxes that seek to take away gains made when prices are high, without compensating for low or no margins when rates are low, are often a deterrent. India imposed a windfall profit tax on July 1, 2022 joining a growing number of nations that tax super normal profits of energy

Union minister urges state support to make India 2nd largest metro network

Union minister Hardeep Singh Puri said that he has been on record saying that whatever we wanted to do for Delhi in terms of improving transport facilities

Govt to pursue $2.81 bn demand from RIL, partners till the end: Puri

The ministry raised the demand recently following the Delhi High Court's decision in the matter last month

India eyes higher ethanol blending target, boosts focus on green hydrogen

Petroleum Minister Hardeep Singh Puri announced the country had already achieved 19.6 per cent ethanol blending and was confident of reaching 20 per cent by next month

Will achieve 20% ethanol blending by April, aiming to go beyond that: Puri

India is looking at increasing its target to blend ethanol with petrol to more than 20 per cent and has formed a committee under the NITI Aayog for this, Petroleum Minister Hardeep S Puri said on Wednesday. Addressing the Advantage Assam 2.0 business summit in Guwahati, he said 19.6 per cent blending has already been achieved. "We will be looking at more than 20 per cent blending of biofuel. Already a NITI Aayog group has been set up and they are looking into it," he said. "We had set a target of 20 per cent blending by 2026, but already achieved 19.6 per cent. I am sure we will touch 20 per cent next month," he added. Puri said that the country has a capacity of 1,700 crore litre of blending, and already 1,500 crore litre are being utilised. With India spending USD 150 billion on different types of fuel imports, he said that one area where the attention is lacking is green hydrogen. "The green hydrogen price is presently USD 4.5. If you can bring it closer to USD 2.5, there will

De-dollarisation of oil purchases has never been objective: Hardeep Puri

Union Petroleum and Natural Gas Minister Hardeep S Puri said on Friday that de-dollarisation of oil purchases was never the objective, emphasising that "most transactions are in dollars and always have been". Instead, he clarified that the primary objective is to procure sufficient oil "at lower prices" to help control inflation. "De-dollarisation is not an objective at all. Most of these (oil) transactions are in dollars and always have been. We had one transaction in rupees, but I think it was a very small one. Transactions in rupees are a good thing, but it takes two to tango," Puri told PTI during a press conference. Exuding confidence that India has established contacts with the new US administration led by President Donald Trump, he said the Indo-American relationship on the energy front will deepen. According to the Union Minister, India is already purchasing energy worth up to USD 20 billion from the US, emphasising that Prime Minister Narendra Modi recently had a very ...

Good times are ahead: Hardeep Singh Puri on natural gas availability

Puri said India's investments in Mozambique and Russia assets hold major potential

More energy coming into global market from Western Hemisphere: Puri

The development and deployment of small and modular reactors have become part of the general discourse, Puri said

India calls for 'energy transition', sees role of fossil fuels in near term

Calling for a nuanced understanding on 'energy transition', India on Tuesday said the shift from polluting fossil fuels to cleaner sources should be just where affordable energy is available to meet needs of developing nations. Speaking at the inaugural session of India Energy Week, Oil Minister Hardeep Singh Puri said energy transition "is not outright replacement (of any fuel) but more shifting the primacy of one energy source over another." Developing nations like India meet most of the energy demand from fossil fuels such as coal, oil and natural gas. While there is a call to shift from the polluting sources to renewables, India feels that move cannot be abrupt, with oil and gas as well as coal continuing to meet energy demand in the period when the cleaner sources are scaled up. "The very notion of 'energy transition' requires a nuanced understanding. It is not outright replacement, but more shifting the primacy of one energy source over another," he said. "The transition isn'

'Music to my ears': Hardeep Singh Puri on Trump admin's stance on energy

Union Oil Minister Hardeep Singh Puri made the statement during a panel session on the inaugural day of the four-day India Energy Week 2025

By 2030, India wants to add 500 GW renewable energy capacity: PM Modi

Prime Minister Narendra Modi virtually addressed the India Energy Week 2025, outlining India's energy roadmap and the country's commitment to becoming a global energy leader

India open to buying energy from all sources at lowest rates, says Puri

Union Oil Minister Hardeep Singh Puri on Monday said that India is open to energy imports from all sources at the lowest rates and domestic oil marketing firms are looking for more gas which is expected to cost less in 2026. Addressing a presser on Indian Energy Week 2025 beginning on Tuesday, Puri allayed fears of impact on energy supplies to India from Russia after US sanctions. Today we have a situation that we have (increased) from 27 suppliers to 39 suppliers. We added Argentina among others. We are open to import from all sources." "We issued tenders at the importation. Those tenders are open to any supplier. We buy from the cheapest source possible." He also informed that domestic (oil marketing firms) companies are looking for more gas. "We also expect the prices of gas (natural gas) to come down. My reading of the international market is that in 2026 you will begin to see a major increase in the availability of natural gas. We may get more gas from Qatar. Our companies ar

India to keep buying Russian crude if available at discount: Hardeep Puri

Union Minister Hardeep Singh Puri on Friday said that India would continue buying crude oil from Russia if it is available at a discount emphasising that the government is "committed" to buying the most economically-priced crude oil. "We used to buy less than 0.2 per cent from Russia in February 2022. Now, we are buying 30 per cent. If it's available at good discounts, we will buy it. If it (crude oil) is available elsewhere (at a discounted price), we will buy (from that market)," Puri, who is Minister for Petroleum and Natural Gas, said during a media interaction here. Prime Minister Narendra Modi's "commitment is to make energy available round the clock in the most affordable manner, along with the transition to green energy", the minister said. "We are not committed to buying any quantity from anyone. We are committed to buying the most economically priced energy of a grade of crude that you (refineries) want." He said that the government was open to entering both long terms as

Amid US sanctions, oil buyers pull all levers to replace Russian shipments

As Indian companies begin talks with Saudi Arabia and Abu Dhabi this week, traders say discussions between refiners and the OPEC producers will be tense

Trump 2.0: More US energy exports to India likely, says Hardeep Singh Puri

Trump's energy push may lead to increased American crude oil, LNG shipments to the country

India eyes bigger slice of US energy supplies, says Hardeep Singh Puri

Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, highlighted the stability of the global oil market, supported by increased supplies from the US, Brazil, Guyana, Suriname, and Canada

'Get your mental stability checked': Hardeep Singh Puri to Rahul Gandhi

Union Minister Hardeep Singh Puri slammed Rahul Gandhi's remark about fighting the 'Indian state' and advised him to 'get his mental stability checked'

Energy security will fuel bid to become $4 trn economy much earlier: Puri

Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri on Saturday said India's energy security will fuel the country's bid to become a USD 4 trillion economy much earlier than the projected 2027. Puri was addressing a session at the 7th Mangaluru Literary Festival on Saturday. He said the International Monetary Fund has projected India to reach there by 2027. But if the present trajectory continues, India will arrive there much before that, Puri said. The seventh edition of the festival was inaugurated by legendary Kannada writer S L Bhyrappa at the T M A Pai Auditorium. Following the inauguration, Puri delivered his key note address on India's energy security. According to Puri, there is no shortage of fossil fuel in the world. He said a few oil-producing and exporting countries project the fossil fuels as short-lived resources for their own cartelising motives. He also said India has ramped up its refinery capacity from 5 million barrels of crude to 5.4 million barre