“Russia is selling oil and other commodities at a significant discount. We will gladly accept that. We have some issues to work out, such as tankers, insurance coverage, and oil blends. We will accept the discount offer once we have that,” Indian government officials said.
Digital Desk: Russia has offered India the opportunity to purchase oil and other commodities at reduced prices; however, the Central government is currently considering the offer.
Reportedly, India, which imports 80 per cent of its oil, typically purchases 2 to 3 per cent of its supplies from Russia. However, due to a hike in the price of oil upto 40 per cent in the current year, the government is considering raising this to help reduce its rising energy bill.
“Russia is selling oil and other commodities at a significant discount. We will gladly accept that. We have some issues to work out, such as tankers, insurance coverage, and oil blends. We will accept the discount offer once we have that,” Indian government officials said.
Notably, some international traders have avoided Russian oil in order to avoid becoming embroiled in sanctions; however, an Indian official stated that sanctions did not prevent India from importing the fuel.
Notably, the alleged decision by the Union government comes at a time when most countries are stepping back to purchase the Russian oil due to the imposition of sanctions. The sanctions were imposed upon the Russian government after it invaded Ukraine.
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