'Those pointing fingers...': Oil minister dismisses Trump aide's 'laundromat' remark
What's the story
Union Minister of Petroleum and Natural Gas Hardeep Singh Puri has hit back at United States trade advisor Peter Navarro's "laundromat" comment on India. In an article for The Hindu, Puri said India hasn't broken any laws in its energy trade with Russia since the Ukraine war. He said India's imports of Russian oil rose from less than 1% to nearly 40% of total crude intake after the conflict started, due to steep discounts offered by Moscow.
Profiteering claims
Nothing could be further from truth: Puri
Puri also refuted allegations of profiteering by refining and exporting Russian crude. He stressed that India has been the world's fourth-largest exporter of petroleum products long before Russia's invasion of Ukraine in February 2022. "Some critics allege that India has become a 'laundromat' for Russian oil. Nothing could be further from the truth," he wrote, indirectly referring to Navarro's comments.
Legal compliance
Transactions done through legal shipping, insurance: Puri
Puri also defended the legality of India's transactions, saying they were done through legal shipping and insurance. He said India has stabilized markets and kept global prices from spiraling out of control. A report by brokerage CLSA last week warned that if India stops importing Russian oil, crude prices could soar to $90-100 per barrel.
Price stabilization
PSUs absorbed losses to keep prices stable
Puri also highlighted measures taken by India to stabilize domestic oil prices after the Ukraine conflict. He said oil PSUs absorbed losses on diesel, and the government cut taxes to keep retail outlets stocked and prices stable for households. "These measures, at a considerable fiscal cost, ensured that not a single retail outlet ran dry and that Indian households saw stable prices," he said.
Navarro
'Brahmins profiteering from Russia oil trade'
In a series of tweets on X last week, Navarro referred to the Russia-Ukraine conflict as "Modi's war" and accused New Delhi of backing Russian President Vladimir Putin's "war machine." "India's big oil lobby has turned the world's largest democracy into a massive refining hub and oil money laundromat for the Kremlin," he'd warned. On Sunday, Navarro repeated his harsh criticism of India, claiming that "Brahmins" were profiteering at the expense of the rest of India.