India and China buying cheap crude oil from Russia, oil import reaches 2 million barrels per day
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took advantage of the opportunity
When the war between Russia and Ukraine started, economic sanctions were imposed on Russia. Russia also started selling crude oil at a discount rate. India and China took advantage of this opportunity. Both India and China are buying crude oil from Russia in huge quantities. In December last year, the European Union had completely stopped the import of any kind of sea-borne crude oil from Russia. Two months later, the import of refined petroleum products coming from Russia was also banned.
Even after the sanctions imposed by the US and Europe, India is buying crude oil from Russia in huge quantities at subsidized prices. According to a Bloomberg report, after the European Union’s ban on Russia’s petroleum products, India’s export of refined petroleum products to this market has increased continuously.
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Will the price be less
Let us tell you that there has been no change in the price of petrol and diesel in the country for more than a year. Recently, Petroleum Minister Hardeep Singh Puri (Minister of Petroleum & Natural Gas) had said that the price of petrol and diesel may come down. He had said that if the price of crude oil remains stable, then the Oil Marketing Companies (OMCs) may decide to cut the price of petrol and diesel. Puri also said that if the performance of these companies is good in the next quarter, then they will be in a better position to cut the prices of petrol and diesel. However, he made it clear that he was not in a position to make any announcement in this matter.
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