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According to Reuters, India may consider buying crude oil from Russia at a concessional rate amid tight US sanctions. Amid the Russo-Ukraine war and sanctions against Moscow by Western Europe, the Russian economy is in a shambles affecting its oil-gas export business.
Also, when oil prices are moving higher, India plans to buy discounted crude oil and related commodities from Russia with payments through rupee-ruble transactions, a Reuters report said.
As the Russian economy faces the worst situation since 1991, Moscow has urged India to step up its investments following sanctions on its oil-gas exports.
Russian Deputy Prime Minister Alexander Novak said in a statement that Russia’s oil and petroleum products exports to India have reached $1 billion and there are opportunities to increase it further.
Meanwhile, Union Petroleum Minister Hardeep Singh Puri informed the Rajya Sabha on Monday that the government is exploring an alternative market for fuel procurement amid the Russia-Ukraine conflict.
Responding to a question during the ‘Question Hour’, he said the government is exploring all options such as currency, oil supply in the markets, insurance and freight transportation to facilitate procurement.
Responding to Congress MLA Shaktisinh Gohil’s question whether the government intended to reduce diesel rates, the minister said diesel prices had been deregulated. “Whenever we felt that the common man needed more relief, we went ahead and reduced the price. In November 2021, we reduced fuel prices by Rs 10,” Puri said in the House.
Congress MP KC Venugopal said that the price of petrol has increased 63 times and diesel by 61 times. He also said that since November, the government has not hiked the prices and asked whether the price would remain the same or not.
The Petroleum Minister also pointed out that Venezuela is a country on which sanctions have been imposed by any other country. He further said that there was hope and expectation that oil would become available from other approved countries, Organization of Oil Exporting Countries (OPEC) countries would increase their oil production and there would be persuasion by the international community in this regard.
Puri also said that neither the central government nor the oil companies are going to issue oil bonds.
“All legitimate steps will be taken to maintain oil prices,” he said.
,IANS. with inputs,
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