New Delhi15 minutes ago
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India is the world’s third largest crude oil consumer. We buy about 88% of the oil we need from other countries.
India and America have signed the first deal amid the tariff dispute. Under this deal, India will buy about 2.2 million tonnes (MTPA) of LPG from America. This is 10% of India’s annual requirement. This deal is only for one year i.e. 2026.
This deal has been done by India’s state oil companies – Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) with American energy suppliers – Chevron, Phillips 66 and Total Energies Trading.
Gas may become cheaper in India with the deal
- This deal will strengthen India’s energy security.
- Dependence on traditional sources will be reduced, which will make the supply chain more stable.
- Rural and low income families can get affordable LPG.
- The impact of changing prices around the world will be less.
- This will help in balancing trade with the US.
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Petroleum Minister said- India’s market is open for America
Petroleum Minister Hardeep Singh Puri has described this deal as historic. He said- The world’s largest and fastest growing LPG market has opened for America. We have taken this step to diversify the energy supply.
Commerce Minister Piyush Goyal said, ‘Energy is the area where everyone should work together. India is a big player in energy and we import from all over the world including the US. Energy trade with the US will increase in the coming years.
We are close friends and natural partners, so the role of US in energy security will increase. There has also been talk between US President Donald Trump and PM Narendra Modi on making US the leading oil-gas supplier to India.
America has imposed 50% tariff on India
Trump has imposed a total tariff of 50% on India for buying oil from Russia. There is a 25% reciprocal and 25% penalty on Russian oil purchases. Furthermore, India has a trade surplus with the US. Now efforts are being made to finalize trade deals by increasing energy purchases.
This deal will support India’s LPG market
Earlier, most of the LPG in India came from West Asian countries like Saudi Arabia, UAE, Qatar and Kuwait. Now this deal will increase the scope of our oil purchases.
Teams of Indian PSU oil companies recently finalized this after talks with American producers. The volume is so large that it will support India’s rapidly growing LPG market, where about 60% of the requirement is met by imports.
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