Government of India plans to promote flex-fuel vehicles and higher ethanol blending up to 85 percent, holding stakeholder meetings to reduce crude oil imports, enhance energy security, and respond to global oil market disruptions driven by Middle East conflict ongoing
Reliance Industries halted Russian crude purchases in January as Indian state refiners boosted imports amid steep discounts. IOC and BPCL raised intake, while Nayara Energy continued heavy buying, reflecting shifts driven by sanctions, pricing and evolving supply channels
India’s Russian oil imports dropped by nearly a third after new US sanctions took effect on November 21, prompting refiners to cut purchases from designated companies. Analysts expect December arrivals to fall further as India turns to alternative suppliers and opaque trade routes
India reaffirmed that its oil and gas import policy is guided solely by consumer interests and market stability, amid reports of US pressure to curb Russian crude purchases. Officials said India continues to diversify energy sources to ensure secure supplies
India’s crude oil imports from Russia dipped slightly in September but still accounted for over 34% of total imports. Despite U.S. pressure, Russian oil remains cost-effective for Indian refiners, who are slowly diversifying without reducing dependence significantly
India may face a $9–11 billion spike in oil import costs if US penalties force it to cut Russian crude. With EU sanctions also tightening, refiners like Reliance and Nayara could lose margins, affecting inflation and fuel pricing.
India dismissed concerns over potential US sanctions on Russian oil imports, with Oil Minister Hardeep Singh Puri saying the country can meet its crude needs from other sources. Russia now supplies 40 per cent of India’s oil, up from just 0.2 per cent in 2022
The average tariff rate on all imports could spike seven times higher in 2025 under Trump. The United States has not seen an average tariff rate that high since the Great Depression era, say experts
Forex traders noted that the recent drop in oil prices, now around USD 77 per barrel, is a major boost for the rupee due to India's high oil import costs. In the interbank foreign exchange market, the rupee opened at 83.93, strengthened to 83.88, marking a 5 paise increase from its previous close.
By G Nagaraj and T Damodaram India is in a paradoxical situation with respect to edible and vegetable oils. It is one of the largest producers and also one of the largest importers. Naturally, it has become a major consumer of edible oils in the world. The country’s edible oils import bill was around Rs […]
