Never dependent on permission: India on US 30-day waiver to buy Russian oil

PTC News Desk: The Government of India on Saturday said the country will continue to buy crude oil from any source that offers the most competitive prices, even as tensions remain high along the Strait of Hormuz due to the conflict involving Iran, the United States and Israel.

The government said India’s energy supply remains secure despite the disruptions. It added that India has expanded its crude oil import sources from 27 countries to 40, ensuring several alternative supply routes.

“In the national interest, India buys oil from wherever the most competitive and affordable prices are available,” the Centre said in a statement.

"India has never depended on permission from any country to buy Russian oil," the Centre said. "India is still importing Russian oil even in February 2026, and Russia is still India's largest crude oil supplier. For three years of the Russia-Ukraine war, India kept buying Russian oil despite US and EU objections. Imports increased significantly after 2022 due to discounted prices and refinery demand."

India also confirmed that it will continue importing oil from Russia after receiving a temporary waiver from the United States because of the ongoing conflict in the Middle East. The Centre said New Delhi does not need permission from any country to make such purchases.

According to the government, India currently has over 250 million barrels of crude oil and petroleum products in reserves and across its supply chain, which can meet the country’s needs for about seven to eight weeks. India’s total refining capacity is 258 million metric tonnes per year, which is higher than its current domestic demand.