Crude oil India import: India’s import of crude oil from Russia has increased by more than 50 times since April and its share in the total imported oil has increased to 10 percent. According to the news of PTI, a senior government official gave this information on Thursday. Russia’s share of crude oil India import from Russia was only 0.2 per cent before the Ukraine-Russia war. Russia’s share in India’s oil imports in April was 10 per cent, an official told reporters here. It is now one of the top 10 suppliers.
Private companies bought 40 percent of Russian oil
According to the news, 40 percent of Russian oil has been bought by private companies Naira Energy and others. Last month, Russia overtook Saudi Arabia as India’s second largest oil supplier. Russia has offered crude oil to India with huge discounts. Indian refinery companies bought about 25 million barrels of Russian oil in May.
standard crude oil price
The price of standard crude oil purchased by India had reached a decade high of $ 121 per barrel earlier this month. According to the data of Petroleum Planning and Analysis Cell (PPAC), Indian Standard Crude Oil reached $ 121.28 per barrel on June 9. Earlier this level of price was seen in February/March 2012. According to PPAC, the Indian crude oil standard price between February 25 and March 29 averaged $ 111.86 per barrel, immediately after the Russo-Ukraine war. Between March 30 and April 27, it averaged $103.44 per barrel.
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Direct effect on inflation due to increase in price
Due to the increase in the prices of crude oil, there was a tremendous increase in inflation. Due to this, the central bank was forced to increase the interest rates ahead of the estimated time and increased the repo rate twice. This put pressure on the economy, while companies that use crude as raw material saw pressure on their margins.