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Hardeep Puri Announces Plan to Cut Freight Costs with India’s Own Crude Oil Tanker Fleet

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Summary: India is reshaping its energy shipping strategy amid shifting global trade dynamics, including Russia oil sanctions and renewed tariff tensions between major economies. Union Petroleum Minister Hardeep Singh Puri announced plans to build an indigenous oil tanker fleet to cut dependence on foreign vessels. Currently, India spends nearly USD 8 billion every five years on chartering ships for crude transport, despite being one of the world’s largest oil importers. With crude imports crossing USD 150 billion in FY25, the move aims to enhance energy security, reduce freight costs, and position India as a stronger maritime player amid evolving global energy realignments.

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