Tuesday, June 28, 2022
IndiaRussia Supplies Crude Oil to India at a 20-25% Discount on 3...

Russia Supplies Crude Oil to India at a 20-25% Discount on 3 Million Barrels

Russia: Indian Oil Corporation buys 30 lakh barrels of crude oil from Russia at a 20-25% discount, Reuters reports.

As the war between Russia and Ukraine intensifies day by day, one of the biggest concerns internationally today is the rise in fuel prices if not an exaggeration. Crude oil prices have continued to peak since the day of the war.

Since Russia’s invasion of Ukraine, crude oil prices have risen by 40%. Even in the United States, inflation is at a 40-year high due to rising fuel prices.

In a bid to reassure India, Reuters reports that Indian Oil Corporation is buying 30 lakh barrels of crude oil from Russia at a 20-25% discount. More importantly, it has been reported that crude oil will be charged in Indian Rupees instead of US Dollars during delivery.

This is the first purchase since Russia launched a military operation against Ukraine on February 24. It has been reported that Indian Oil has taken steps to buy 30 lakh barrels of crude oil amid strong opposition from the United States and European countries to India’s purchase of crude oil at affordable prices.

Read Also | US Officials Warns of Russia’s Repercussions of Chinese Aid

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