Economy
India Could Take Up Russia On Its Offer Of Highly Discounted Oil And Commodities: Report
Representative image
The central government is considering accepting Russia’s offer to purchase crude oil and other commodities at a discounted price with payments made through a rupee-rouble transaction.
“Russia is offering oil and other commodities at a heavy discount. We will be happy to take that. We have some issues like tanker, insurance cover and oil blends to be resolved. Once we have that we will take the discount offer,” a senior official from the government was quoted in a report by Reuters.
India meets 2 per cent-3 per cent of its total crude oil imports from Russia. However, New Delhi is looking to enhance this share if it can help in cutting down its rising energy bill.
The central government is also looking at buying cheaper raw material from Russia and Belarus for fertilisers.
The western sanctions on Moscow do not prevent India from importing their fuel. Sources have in fact told Reuters that Russia’s Surgutneftegaz permitted Chinese buyers to obtain oil without any letters of credit (LC) payment guarantees to bypass the aforementioned sanctions.
“If we can get cheaper fertiliser from Russia then we will take that. It would help in easing some fiscal concerns,” an official in the know of developments was quoted by Reuters.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.
Latest
