Whop 64% surge in imports show how India is guzzling discounted Russian oil
NEW DELHI: India's imports from Russia rose by a whop 64% during the April-October period this fiscal amid the country's growing thirst for discounted crude.
According to commerce ministry data, India's imports from Russia rose to $36.27 billion during April and October from $22.13 billion during the same period last fiscal.
With this, Russia has become India's second-largest import source during the first seven months of this fiscal.
The world's third-largest crude consumer after US and China, India imports 85 percent of its needs.
Since the war in Ukraine, India has been snap up discounted crude from Russia, refining it and selling it, becoming a key supplier to Europe.
Data shows that Russia, which accounted for just 1% of India's import basket, now fulfils nearly 40% of its oil needs.
At the same, imports from China dipped marginally to $60.02 billion during the period against $60.26 billion in the year-ago period.
Similarly, imports from the US declined 16 per cent to $24.89 billion during the period under review from $29.56 billion last year.
According to the ministry data, imports also dipped from Saudi Arabia, Iraq, Indonesia, Singapore, and Korea during the first seven months of this fiscal.
Last week, Reuters reported that India saved roughly $2.7 billion by importing discounted Russian oil so far this year.
Snap up oil at discounted rates from heavily-sanctioned Russia has helped India support economic growth and ease pressure on trade deficit.
It has also enabled India to reduce its dependence on traditional suppliers from the Middle East, where prices strengthened following Saudi Arabia's voluntary additional supply cuts since July.
India did not saved a penny, its Ambani who made billions by re-selling the Oil to Europe. People of India did not get any discount on oil prices they pay.
India buys crude at discounted price, but common public is still paying the same old retail price. why? Who is eating the profit?
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who pays for railways, roads, bridges and infrastructure developments???
Common man understands why feul price is high in non-bjp ruled states. Feel prices are in the hands of state-governments nit central. Congress ruled states deliberately keep the excise duty high on feul to make it tough for people of the state and then blame Modi.
Shreemaanji Modi hai to mumkin haiji! We are very proud to have Shreemaanji Modi as our PM. Shreemaanji ki Jai Jaikaar Ho!
But Godi still selling petrol at record high price...
Loot sanctioned by Modi.
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but no reduction in fuel prices...
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A bold and calculated move has saved the country. Mag god give more power to Modi.
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Wah Modiji Wah ! Bharat is indebted to your selfless service !
Yoga N Mani • Kumbakonam
Many times in recent years I have wondered if Indians would have grown a lot richer than they actually have if Newspapers did not publish News.
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No benefit to consumer. Govt pocketting all the savings.
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Thanks to the Oil Bonds that the UPA government had issued. so there is no scope for any reduction in the oil prices for the consumer.
How is this hel to any tax payer. Oil prices are high and worst than congress regime.
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It is rare - to correctly predict the results of an economic or - political policy decision. speaking in general terms. PM Modi Ji has been doing the almost impossible of taking the excactly correct economic and politicla decisions on each major aspect of Bharat. If we have him as PM for one more term in 2024 Bharat will reach a never before level of world prominence and prosperity at home.
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The word "cheap" in the title does not relate to the common man of the country.
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Petrol prices are generally high in non BJP ruled states because of higher VAT collected by state govts. Excise is collected be centre.
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Since our country depends on imported petrol and diesel etc people must be urged to restrict its utilization. Since our country has a poor traffic system, invariably, we will be wasting Petroleum products because of slow driving due to traffic jams, signal points, time barred old vehicles, etc. Effects must be taken to minimize the above deficiencies to save precious foreign exchange money. Of course, effort is being taken to shift to electric vehicles, and it should be made available at afford ..
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lots of comments about not getting petrol at cheap prices..... Unfortunately, people don't understand that the nation needs money to buy military hardware, infrastructure developments, highways,railways, bridges etc.
And how much of that is benefitting the end user ? Price of Petrol stands at 100 in all cities across India.
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But our price won’t come down. Day light looting at is best
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The biggest Indian refiner of Russian crude is itself partly owned by a company from Russia.
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But greedy Modi not giving any benifit to common man... Reduce fuel price to save common man from high inflation.. Modi only knows hate.. Dont understand anyone else pain.