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(Bloomberg) — India is committed to safeguarding energy security, External Affairs Minister S. Jaishankar said, as the world’s third-biggest oil consumer faces supply risks and price shocks after the US threatened to deepen a conflict in Iran that has upended energy markets.
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“Our national interest including energy security and trade source will always be paramount,” Jaishankar told lawmakers in Parliament on Monday. “Government remains committed to ensuring that fully, taking into accountability, costs and risks of the energy markets.”
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India, which imports nearly 90% of its oil, is vulnerable as crude prices surged toward $120 per barrel. The impact on the economy could be significant, with central bank having previously estimating that a 10% increase in oil prices would lift inflation by about 30 basis points and shave growth by roughly 15 basis points, assuming a full pass-through on domestic prices.
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Fuel retailers in India increased the price of liquefied petroleum gas — the most widely used fuel for cooking — within days after the war in Iran, marking the first hike for household consumers in almost a year.
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The South Asian nation is the world’s third-largest LPG consumer and sources more than 90% of its imports from the Middle East, much of it via the Strait of Hormuz, now effectively closed to traffic and squeezing supplies of the widely used cooking fuel. Low-income households will continue to receive a 300-rupee subsidy on LPG, but will still pay 60 rupees more per cylinder, pushing the price to 613 rupees a bottle, a government official said.
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“For us, the interest of the Indian consumer has and will always be the overriding priority,” Jaishankar said. “Where required, Indian diplomacy has supported the endeavors of our energy enterprises in this volatile situation.”
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The minister said India wants to ensure peace in the region through dialogue and diplomacy, reiterating Prime Minister Narendra Modi’s comment made last week.
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“India is in favor of peace and urges a return to dialog and diplomacy. We advocate deescalation, restraint and ensuring the safety of civilians,” said Jaishankar.
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