Negotiation is on to import cheaper oil from Russia: Finance Ministry sources

India is in discussion and exploring the possibilities to buy cheaper oil from Russia using the Rupee-Rouble mechanism, Finance Ministry sources said on Wednesday.

Russian central bank officials along with representatives of Sberbank of Russia PJSC discussed the proposals with their Indian counterparts and also with officials at the finance ministry last week, the source said. No final decision has been taken yet.

Sources said that Government has cut excise duty on Petrol and Diesel on Saturday to give some relief to consumers. The government is looking at whether the benefit of duty cut is passed on to consumers or not. We need to monitor whether this measure is passed on to consumers, a source said.

( With inputs from ANI )

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