India open to buying energy from all sources, gas prices to come down in 2026: Hardeep Singh Puri

New Delhi: Union Oil Minister Hardeep Singh Puri on Monday said that India is open to energy imports from all sources at the lowest rates and domestic oil marketing firms are looking for more gas which is expected to cost less in 2026.

Addressing a presser on Indian Energy Week 2025 beginning on Tuesday, Puri allayed fears of impact on energy supplies to India from Russia after US sanctions.

“Today we have a situation that we have (increased) from 27 suppliers to 39 suppliers. We added Argentina among others. We are open to import from all sources."

"We issued tenders at the importation. Those tenders are open to any supplier. We buy from the cheapest source possible." He also informed that domestic (oil marketing firms) companies are looking for more gas.

"We also expect the prices of gas (natural gas) to come down. My reading of the international market is that in 2026 you will begin to see a major increase in the availability of natural gas. We may get more gas from Qatar. Our companies are looking for more gas." Puri stated that the LPG (liquified petroleum gas) is more or less saturated in the country and the idea is to take piped natural gas to every house as it is 30 per cent cheaper.

A top official said that Indian Oil, Bharat Petroleum and GAIL are considering the purchase of LNG (liquified natural gas) and crude oil from the US.

The top official also stated that domestic firms may sign long-term contracts and may look to invest in the US (energy projects).

This assumes significance in view of Prime Minister Narendra Modi's visit to the US later this week where discussion on energy is likely on the agenda.

During the presser, Puri also said, "I will be surprised if sourcing of energy from the US does not figure in the discussions (of PM and Trump)." He said, "With President (Trump) saying he wants to see global prices of energy to come down, he wants more and more energy to come to the market. For countries like India it is a positive development." During the India Energy Week 2025, energy buyers will hold meetings with producers in the national capital.

Puri said that IEW’25 is set to be even larger, more diverse, and more impactful than its previous two editions. Covering over 1 lakh square metres, IEW’25 will be the second-largest energy event globally in terms of ministerial and CEO participation, exhibition space, and the number of sessions.

He also said that the Ministry of Petroleum & Natural Gas will host a Clean Cooking Ministerial, bringing together global policymakers, industry leaders, and experts to accelerate the transition to clean cooking solutions.

The event will showcase India’s success with the Pradhan Mantri Ujjwala Yojana (PMUY) as a model for global adoption. It aims to foster international collaboration, drive policy discussions, and facilitate technology sharing to ensure clean, affordable, and accessible cooking energy for households worldwide.

Puri also hinted about holding the next (10th OALP) round of sale of oil and gas assets very soon.