Oil imports from Russia increased 50 times, 10% of total imports, crude oil is getting cheaper than Russia
India’s crude oil imports from Russia have increased 50 times since April and account for 10 per cent of total oil imports. A senior government official gave this information on Thursday. Ukraine-Russia Problem Before, Russia It accounted for only 0.2 per cent of India’s crude oil imports. An official told reporters that Russia accounted for 10 per cent of India’s oil imports in April. It is now one of the top 10 suppliers. Private companies Reliance Industries (RIL) and Naira Energy have bought 40 per cent of Russian oil. Last month, Russia overtook Saudi Arabia as India’s second largest oil supplier. Russia has offered India a huge discount on crude oil. Indian refineries bought about 25 million barrels of Russian oil in May.
Continued increase in oil purchases from Russia
Russia is offering crude oil to Indian buyers at very attractive rates. For this reason, the purchase of crude oil from Russia is touching the sky. Oil purchases in the last three weeks have increased by 31 times to ₹2.2 billion in the last three weeks because of the rebate. The report said that Russian businessmen are not only offering fuel at cheap prices but their terms are also attractive. According to the source, Russian traders are also accepting payments in rupees and UAE dirhams. According to sources, India has bought crude oil worth ₹110 million on an average from Russia in the last three weeks. Which was an average of 31 million per day between February 24 and May 26.
Not only oil, the purchase of coal also increased
India is now buying coal as well as oil in large quantities from Russia. According to Reuters, imports of coal and allied products from Russia have increased six-fold in the past 20 days compared to last year. According to the report, Indian buyers bought coal worth 33 crores during this period. The report quoted sources as saying that Indian companies are getting discounts of up to 30 percent. Due to which Indian buyers have increased their purchases.