
MANGALURU: Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, expressed confidence on Saturday that India is in a strong position regarding energy security, emphasising the country’s ability to purchase petroleum products at competitive prices from around the world without being dictated by any single supplier.
Speaking at the Mangaluru Lit Fest on ‘Energy for Survival - Security and Climate Debate’, Puri highlighted India’s efforts to diversify its energy sources. The number of oil suppliers has expanded from 27 to 39 in recent years, ensuring a more stable and varied supply. He reassured that there is no need to worry about oil availability in the international market, noting that the Western Hemisphere and non-OPEC nations are increasing their crude oil exports.
Puri also emphasised that affordability is a more significant concern than availability. India is the only country where energy prices have decreased over the past three years, thanks to reductions in excise duty and VAT cuts by BJP-ruled states, he said.
Looking in to the future, Puri predicted a drop in international gas prices post 2026-27, driven by cheaper imports and the global green transition. He expressed confidence in India meeting its target of 20% biofuel usage by 2025, while also excelling in the production of Compressed Biogas (CBG), Compressed Natural Gas (CNG), and Green Hydrogen.
“The green hydrogen revolution will succeed in India because it thrives on local demand, production, and consumption,” Puri noted. “While we can export green ammonia, the local demand and production of green hydrogen are key to its success.
Every electrolyzer manufacturer worldwide is now present in India, and with the implementation of pumped storage, the green hydrogen sector is poised for growth.” He further emphasised that the target of 5 million metric tons of green hydrogen by 2030 might be an underestimation, as the sector is developing rapidly with key projects like the recent tender floated by IOCL.
Puri also discussed India’s growing energy needs, stating that the country’s daily crude oil refining capacity has increased from 5 million barrels to 5.4 million barrels. At the current rate, he forecasted a rise to 6-7 million barrels per day in the near future. Additionally, he projected that over the next 20 years, India would account for 25% of global energy demand growth due to the plateauing or slowing energy consumption in other major economies.
“Despite global geopolitical challenges, India’s energy consumption continues to rise, and it is set to increase even further,” Puri added.