Petrol Diesel: Will petrol-diesel prices be reduced in the country ?; India trying to convince Russia to sell its oil less than $70 per barrel:
By Lokmat English Desk | Published: May 4, 2022 08:43 PM2022-05-04T20:43:16+5:302022-05-04T20:43:16+5:30
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India is trying to convince Russia to offer deeper discounts on crude oil - Delhi is looking to pay less than $70 per barrel - to offset risks in dealing with the OPEC+ producer in light of increasingly harsh financial sanctions against Moscow over its invasion of Ukraine.
Sources told Bloomberg discounts are being sought to compensate for hurdles like securing financing for purchases. Bloomberg said the Indian government did not immediately comment.
Indian refiners - state and private - have bought over 40 million barrels of discounted Russia crude since Vladimir Putin launched his 'special military op' against Ukraine February 24, Bloomberg said
Last month too Russia offered India discounts on a fixed one-time purchase of 15 million barrels.
Total purchases are significant in volume - 20 per cent more than Russia-India flows in 2021, according to Bloomberg calculations from trade ministry data.
The purchases have also invited pointed remarks from the West, including the United States and the European Union, but those were countered by the government pointing out the EU too had bought more from Russia and that India welcomed competitive offers to meet domestic demand.
“When oil prices go up, I think it is natural for countries to go out and look for good deals…" he said last month in a meeting with the UK foreign secretary. India - estimated to be the third largest primary fuel consumer in the world with around five million barrels daily- imports about 85 per cent of its oil needs but, historically, contribution of Russian crude is marginal.
