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India has signed a “significant” one-year contract with the United States to purchase 2.2 million tonnes of Liquefied Petroleum Gas (LPG) sourced from the US Gulf Coast.
Minister Hardeep Singh Puri confirmed that the deal will account for close to 10 per cent of India’s annual LPG imports and is the “first structured contract of US LPG for the Indian market.”
The move is part of India’s strategy to diversify its energy supplies and ensure secure, affordable fuel for its rapidly growing market.
This agreement is particularly notable because it occurs amidst underlying trade disagreements between New Delhi and Washington, including high US tariffs imposed on India and continued friction over India’s purchases of discounted Russian oil.
Experts warn that current US tariffs continue to cast a shadow over India’s economic outlook, potentially shaving significant points off the country’s GDP growth this fiscal year.
