India profited by Rs 35,000 crore from discounted Russian crude oil, and oil purchases from Russia increased 8 times.
India is estimated to have a profit of about Rs 35,000 thousand crore by buying crude oil at a concessional rate from Russia.
It made gains since the Ukraine-Russia conflict in February. People related to the matter gave this information.
When the war between Russia-Ukraine started in February-March this year, political tensions increased around the world.
Therefore, many traditional buyers who bought crude oil from Russia refused to take Russian crude oil. Because of this, millions of barrels of Russian oil got stuck.
After this Russia started offering crude oil at a great discount i.e. cheaper than the market rate.
At that time, India opted to buy crude oil from Russia despite pressure from all the developed countries including America.
India profited by Rs 35,000 crore: India is the second largest buyer.
After this, India became the second largest country after China in the list of buyers of Russian crude oil.
At present, about 12 percent of the country’s total oil purchases are coming from Russia, which was less than one percent before the war.
In July this year, Russia became India’s second-largest oil supplier. Saudi Arabia has now moved to third place.
However, in August again Riyadh reached number two and Moscow in third place. The news agency has given this information on the basis of its data.
Oil imports from Russia reached $ 12 billion
According to data obtained from the Commerce Department, from April-July, India’s oil imports from Russia increased eight-fold to $11.2 billion, compared to $1.3 billion in the same period last year.
Since March, when India has increased imports from Russia, imports have exceeded $12 billion.
This was significantly higher than last year’s $1.5 billion. Of these, about $ 7 billion has been imported only in June and July.
Petrol Diesel Prices: Petrol Diesel is cheaper from UP to Bihar.
Amidst the fall in the prices of crude oil in the global market, the retail prices of petrol and diesel have also come down.
In the last 24 hours, both Brent crude and WTI prices have softened in the global market, which has also affected the domestic retail market.