Petrol-diesel prices have skyrocketed in the country over the last several days. Petrol price has been hiked by Rs 8.40 in 14 days. In such a scenario, it is difficult to expect cheap petrol. But the central government is going to create a system that will make petrol cheaper in the near future. The Union Finance Minister has made a big statement in this regard.
During the Russia-Ukraine war, Finance Minister Nirmala Sitharaman made it clear that the country wanted subsidized fuel. India has started buying cheap oil only after Russia's offer and India will continue to buy crude oil from Russia. This means that companies' margins will improve along with cheaper oil in the near future. The government can also give concessions in excise duty. Therefore, petrol-diesel rates are likely to come down. At present, India has to import 85% of its oil.
Many countries have imposed sanctions on Moscow since the Russia-Ukraine war. “We have already started buying oil from Russia; we have received three to four days of oil supply from Russia,” she said.“I would put my national interest first and I would put my energy security first. And if there is fuel available at discount. Why shouldn’t I buy it?” the finance minister said.
Recently, External Affairs Minister S Jaishankar had said, when oil prices go up, it is natural for countries to look for good deals for their people.“But I am pretty sure if we wait for two or three months and actually look at who are the big buyers of Russian oil and gas, I suspect the list would not be too different from what it used to be and I suspect we won’t be in the top 10 on that list,” he asserted.
Replying to Jaishankar, British foreign secretary Liz Trus said Britain respects India's decision to buy cheap oil from Russia. "India is a sovereign nation and I will not tell India what to do," he said.