The crisis of rising prices of petrol and diesel in India is over for the time being, because India has got the permission to buy crude oil from Russia at a cheaper price. For this, the US Treasury Department has announced to give 30 days special license to Indian refineries. This license will remain valid till April 3. US Treasury Secretary Scott Besant announced on Friday that this temporary step has been taken as part of President Trump’s energy agenda. He said that India is an essential partner of America and this exemption has been given to keep the supply of oil stable in the global market. Calling India a partner, America is expected to increase oil. Treasury Secretary Scott Besant wrote on social media platform America believes that this ‘stop-gap’ measure will prevent oil shortage in the global market. The US Treasury Department’s ‘Office of Foreign Assets Control’ (OFAC) has issued a special license to provide relief to ships stranded at sea. Under this, crude oil and petroleum products of Russian origin loaded on ships can be delivered to India by March 5, 2026. Deadline: This discount will be valid till April 3, 2026. Condition: The US administration has clarified that this is only for those ships which are already at sea. This will not bring any new big financial benefit to the Russian government, rather it is a means of removing the stranded goods. Situation worsened due to war in Gulf countries, crude oil crossed $83. The situation has become very serious due to war in the Middle East. Iran has blocked the ‘Strait of Hormuz’, from where 20% of the world’s oil supply comes. Attacks on oil fields: In the last few days, there have been attacks on major centers like Saudi Aramco’s ‘Ras Tanura’ refinery and Iraq’s ‘Rumaila’ oil field. Jump in prices: Due to military action by America and Israel against Iran, Brent crude prices in the global market reached $ 83.07 per barrel this morning. India’s preparation to buy Russian oil tankers standing in the sea According to Bloomberg report, India is considering buying those Russian oil cargoes which are currently present near Indian waters or in Asian waters. According to data, at present about 95 lakh barrels of Russian crude oil is loaded in tankers and is in waiting mode around Asian countries. In case of shortage in supply, India can receive these tankers immediately, which will reduce both the time and cost of transportation. India is the world’s third largest consumer of crude oil. India imports about 88% of its total crude oil requirement from abroad. Mathematics of India’s imports from Russia: In November last year, due to the Ukraine war, the Trump administration had imposed strict sanctions on Russian oil companies Lukoil and Rosneft. After this, India’s Russian oil imports fell to 11 lakh barrels per day in January, which was the lowest since November 2022. However, this share has increased again to 30% in February. India has been continuously buying Russian oil at concessional rates to meet its energy needs. Why is Russian oil important for India? Cheaper option: Russia offers oil to India at a discount from benchmark prices. Supply Security: If there is tension in the Middle East, supplies from the Strait of Hormuz stop, Russia is a safe option. Impact on Economy: Due to availability of cheap oil, the prices of petrol and diesel remain stable in the country and inflation remains under control. Petrol-Diesel prices in India: Expectation of relief Despite the rise in crude oil prices in the global market, there is news of relief for the general public in India. According to sources, at present there is no possibility of increase in the prices of petrol and diesel in the country. The government and oil companies are keeping an eye on the situation and this American exemption will help in managing the supply chain.
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India will be able to buy cheaper oil from Russia for 30 days: America gives special license till April 3, prices of petrol and diesel will not increase.
