India, which used to import around 2% of its oil needs from Russia, has enhanced its imports ever since the war broke out between Russia and Ukraine.
The import of RBD palmolein rose sharply to 1 lakh tonnes from 2,075 tonnes, while that of crude palm kernel oil (CPKO) declined to 4,265 tonnes from 11,894 tonnes in the said period.
After supply fell by nearly one million barrels per day in April, losses could widen to three million barrels per day in the second half of the year, the agency said.
India gets the bulk of its energy supplies from the Middle-East and around 7.5 to 8 per cent from the US, while the procurement from Russia in the past was less than one per cent.
Morawiecki said he expects gas imports will be cut in May and called on other European countries to follow suit.
The US is considering sending American-made F-16s as backfill to former Soviet bloc countries in Eastern Europe that are members of NATO. They, in turn, would send Ukraine their own Soviet-era MiGs.
Though India, one of the biggest importers of Iranian oil, has already reduced its import, it has indicated that it is unlikely to go down to zero given its massive energy needs.
The official said Iran is open to accepting rupee payment for oil and may use the money to pay for equipments and food items it buys from India.
The minister also stressed the need for promoting waterways as a mode of transportation urging investors to come up with offers for plying catamarans and seaplanes.
President Donald Trump withdrew the US from the Iran nuclear deal in May to pursue a maximum pressure campaign against Tehran's atomic programme.
Jaitley also announced a cut to the import tax for liquefied natural gas to 2.5 percent from 5 percent.