India likely to take all steps to ensure energy security

CNBC-TV18 has learnt that India will take all necessary steps to ensure energy security, including sourcing crude from Russia.

The Indian government, ever since the war (Russia-Ukraine) began, has been holding daily meetings to review supply chains of oil and essential commodities and the Indian oil marketing companies have been told to purchase oil, from whichever source they can, at favourable prices. So if it means going to Russia and getting oil at highly discounted rates then OMCs are free to do so.

CNBC-TV18 had reported that the Indian Oil Corporation (IOC) purchased 3 million barrels of oil from Russia. This was a contract that was signed before the war began and will be honoured in the month of May.