India buys oil from russia in large quantities. From april to June, Russia's share in IOC's crude oil has been 22 to 23 percent. Earlier, there was a discount of up to $ 40 per barrel on Russia's Ural grade crude oil, which has come down to $ 1.5 last month, due to which imports have reduced. Now this discount has become around $ 2.70 per barrel. In such a situation, it is a big question that if india reduces the purchase of oil from russia, will it have any effect? Or how much more expensive will petrol and diesel become due to this. Let's find out. Some time ago, RBI governor Sanjay Malhotra said that if india is forced to buy oil from somewhere else instead of russia, it will not have any effect on domestic inflation. But is this really so, let us understand this in a little detail.
India is the third largest oil importing country in the world. india supplies 85 percent of its total oil needs through imports. Talking about the year 2017-18, Russia's share in oil imports for india was only 1.3 percent. But this has increased to 35 percent in the year 2025. Apart from this, if we talk about other countries, china imports more oil from russia than India. Apart from this, it imports 6 percent oil from Turkey.
What if we don't buy oil from Russia?
If india stops buying oil from russia, then we will have to depend more on countries like Saudi Arabia, Iraq, America to meet our needs. But the oil from these countries is not as cheap as Russia. russia sells crude oil to india at a discount, sometimes 10-12 dollars cheaper per barrel. If this cheap oil stops being available, then india may have to buy expensive crude from other countries. The result of this will be that the price of petrol and diesel in india can easily increase by 8 to 12 rupees per liter.
Why is the government buying oil from Russia?
Actually, in a way, this is both India's compulsion and wisdom. It is compulsion because we have very little of our own oil and it is wisdom because we are getting cheap crude from russia, due to which inflation in the country can be controlled.
What could be the result of not buying oil from Russia?
If india does not buy crude oil from russia, then the prices of petrol and diesel will increase significantly. This will have a direct impact on inflation and the pocket of the common man. Therefore, india continues to buy crude oil from russia for the time being, so that the prices of petrol and diesel can remain under control.
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