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Fuel price hike unlikely as India to buy Russian oil amid West Asia tensions
The US has also issued a temporary 30-day waiver to allow Indian refiners to purchase Russian oil
Amid the escalating US-Israel-Iran conflict, India will continue to import crude oil from Russia. According to government sources cited by NDTV, ongoing negotiations on multiple fronts have helped keep petrol prices stable and stressed that the crude oil situation is under control
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Price of petroleum products in domestic markets won’t rise, the sources further said.
They also noted that India has sufficient reserves to handle possible supply disruptions, including risks in the Strait of Hormuz, a narrow shipping lane between the Persian Gulf and the Gulf of Oman, that handles roughly 20 per cent of global oil and LNG (Liquefied Natural Gas).
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The strait is a crucial global energy route, through which about one-fifth of the world’s oil and more than half of natural gas supplies pass.