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 […]
