Mumbai, Oct. 29 -- India is planning a major shift in its energy shipping strategy by building its own fleet of oil tankers to reduce the massive freight costs currently paid to foreign vessel operators, Union Petroleum and Natural Gas Minister Hardeep Singh Puri announced on Wednesday.

Speaking at India Maritime Week 2025 in Mumbai, Puri revealed that India's three major oil marketing companies--Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum--spend approximately USD 8 billion over five years on chartering foreign ships, an amount sufficient to purchase an entirely new fleet of crude-oil tankers.

The Minister highlighted a striking imbalance, while the oil and gas sector accounts for nearly 28 per cent of India's tota...