Russia crude oil : Amid the tariff controversy with the US, Russia announced and announced cheap oil by Indian oil companies. However, Russia’s move may further increase Trump’s resentment towards India. Know what will be the effect on the common man and his budget with this move of Russia?
Roman Babushkin, in -charge of the Russian Embassy in India, says that Russia provides crude to India at an average of five percent cheaper, which is a great profit for the country, big energy from India and Russia will continue to do so. His country has also created a special system to give oil to India. He says that if there is a problem in the US market, India can increase exports in Russia’s market. Also Read: America will get a big shock, Russia said- Indian goods are welcome to Russia
How much oil does India buy from Russia: India buys 40 percent of its needs of crude oil from Russia. Russia is the highest oil supply country for India’s energy security. India’s oil procurement is increasing due to increasing consumption.
Russia cannot sell oil at a price of more than $ 47–48 after Europe’s new sanctions. Earlier this price was $ 60 per barrel. In such a situation, the exemption to India has also come down from $ 4-5 per barrel to $ 1.5-2 per barrel.
Will the public benefit: India may be buying a large amount of cheap oil from Russia, but the common people have not yet got the benefit. Private companies are getting the benefit of savings from the purchase of cheap oil from Russia, such as Reliance and Naira, the government is also in profit from this deal. The common man is not getting cheap petrol and diesel, as the government has not reduced tax and private companies are earning profits. Next, oil companies will hardly benefit common customers.
India gets punishment for buying oil from Russia: The US has recently imposed an additional 25 percent fee on India because it purchases oil from Russia. Many American leaders, including Trump, say that India has imposed an additional fee to put pressure on Russia. Russia fights against Ukraine only with the money received from India for oil.
Edited by: Nrapendra Gupta
