No anxiety over proposed cap on Russian crude by West, says Hardeep Puri – Investing NewsEverything

New Delhi, Nov 16 (IANS) Petroleum Minister Hardeep Puri on Wednesday said that there was no anxiety that Western nations’ proposed cap on Russian oil could cut shipping availability for Indian imports.

“I have no anxiety on that. Market forces will deal with that. We will act according to the situation,” Puri said on being asked about the proposed cap on Russian crude.

Puri, who was interacting with the media on the sidelines of a function commemorating the World LPG Week, in response to a question on Russian oil company Gazprom (MCX:) not supplying liquified to GAIL (NS:), said that this discussion has been going on between GAIL and Gazprom.

“We have a very time-tested relationship with the countries involved, with the entities involved. If I remember correctly, there is a sanction on the European entity and our contract was with somebody else. That discussion is going on. It will be resolved. At least, my expectation is that it will be resolved,” he said.

When quizzed on how oil marketing companies would get compensated for selling petrol and diesel at a loss for the past several months now, Puri said, “Obviously, they will want to be compensated… How they will be compensated (whether) by charging you later or asking for other compensation… These are big companies so I don’t get involved in that.”

–IANS

ans/vd