India is buying crude oil from russia at a big discount. With this, the effect of the ongoing war between russia and ukraine will not have that much effect on India's oil imports, but what will be its effect on the prices of petrol and diesel in the country? Will the general public get relief or does the government have any big plans!

Amidst the war between russia and ukraine, there has been a huge jump in oil prices around the world. india may face difficulties in importing oil as it imports 85 per cent of oil, out of which 60 per cent of oil from gulf countries and only 2 per cent from Russia. 

Russia is now going to give oil to india at a great discount. Actually, America and its allies have banned the purchase of oil from America and india is benefiting from this. india will buy crude oil from russia at cheap prices.

Indian oil company oil CORPORATION' target='_blank' title='indian oil corporation-Latest Updates, Photos, Videos are a click away, CLICK NOW'>indian oil corporation (IOC) has also purchased 3 million barrels of crude oil from Russia. In such a situation, it was expected that this would affect the prices of petrol and diesel in the country, but the central government has refused any cut. 

According to government sources, the government is working on a plan so that despite the jump in global oil prices, prices in the country are not affected. India's deal with russia is part of this plan.

The reduction in excise duty on fuel costs could have allowed public sector oil companies to raise the prices of petrol, diesel and other products without causing further harm to the consumer.

Last November, excise duty on petrol was cut by Rs 5 and on diesel by Rs 10 by the central government to reduce retail rates. Since then, fuel prices have remained stable. 

Currently, the Center is charging an excise duty of Rs 27.90 per liter on petrol and 21.80 per liter on diesel. According to sources in the Finance Ministry, at present, there is no proposal to amend the excise duty.

It is clear that despite the ongoing war between russia and ukraine, the effect of the rise in global oil prices will not be felt by the consumers of India. Due to this, the revenue of the central and state government will also be stable.