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After Trump’s 25% extra tariff, India’s government companies have reduced buying crude oil from Russia. According to the data research agency Kepler, government oil refining companies like Bharat Petroleum (BPCL) and Indian Oil (IOC) imported Russian oil at 6.05 million barrels in September.
There has been a 32% reduction as compared to August. At the same time, these companies bought less than 45% oil than June. The total import of crude oil from Russia has decreased by 6% in September due to low purchases. According to experts, this deduction has been done to bring diversification in American pressure and supply.
In contrast, private refiner companies like Reliance Industries and Naira Energy have increased its purchase.
Private companies increased oil purchases
In September, imports of private refiner companies increased to 9.7 lakh barrels per day (BPD). This is 4% more than their average of April to August and 8% more than August. These figures suggest that private companies bought more than 60% oil from Russia.
The major reason for this is the profits from cheap Russian oil. Private companies make profits by exporting crude oil by making petroleum products with crude oil. While government companies mostly use Russian oil in domestic supply.
Trump imposed 25% extra tariff on India
Earlier in August, Trump imposed 25% extra tariff on India due to buying oil from Russia. From August 27, India is suffering a total of 50 tariffs. It has 25% resipocal ie such as tit tariff and 25% penalty on purchasing oil from Russia.
Russia said- there is no alternative to our crude oil
Earlier, Russia had said that there is no alternative to its crude oil, because it is very cheap. On August 20, Senior Russian Diplomat Roman Babushkin said this. He said- India is getting a discount of about 5% on Russian crude oil.
India understands that there is no option to change the oil supply, because it is making a lot of profit.
Cheap Russian oil increases the profits of Indian oil companies
In FY 2020, India imported only 1.7% of its needs from Russia. The stake has increased to 35.1% in FY 2025. The benefit of buying cheap oil from Russia is also shown on the profits of oil companies. According to the filing of companies …
- The total profit of Indian Oil, Bharat Petroleum and Hindustan Petroleum in 2022-23 was ₹ 3,400 crore.
- In 2023-24, the profit of these three government companies increased by 25 times. The three together earned Rs 86,000 crore.
- In 2024-2025, the profits of these companies decreased to Rs 33,602 crore, but it is more than a profit of 2022-23.
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Raghuram Rajan said-You should think again on buying Russian oil: we have to ask who benefits from this; Trump impose 50% tariff on buying Russian oil
Former Governor and Economist Raghuram Rajan, former Governor and economist of the Reserve Bank of India (RBI), said that India should reconsider the policy of buying oil from Russia. Rajan said in an interview to India Today that we need to ask who is benefiting from buying oil from Russia and who is suffering. Read full news …
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