Petrol diesel price to get cheaper: India is currently suffering badly with the record hike in the price of fuels including petrol, diesels, LPG’s, cooking oil and other. But, as new reports surface here is some good news coming. In a big relief India is in talks with Russia for cheap oil imports. Indian refiners are in talks with Russia on an oil deal for 6 months. Read this special report.
The world's third largest importer, ie India, is seeking more Russian crude despite Western sanctions to import millions of barrels of oil per month. Amid the Russia-Ukraine war which started from feb 24, India purchased twice the quantity of raw fuels from Russia in the previous two months compared to it’s prior importing habits.
Let us tell you that western sanctions against Russia have kept many oil importers away from doing business with Moscow, due to which the prices of Russian crude have fallen significantly. Negotiations on supply deal with Chinese and Indian companies are currently in process.
According to reports, the IOC is negotiating a deal to import 60 Lakh barrels of oil per month with an option to buy another 30 Lakh barrels. If this deal is done then there will be an impact on the prices of petrol and diesel in India, at the same time people are also expected to get relief.