Relief for India: U.S. Allows Russian Oil Purchases Until April 3, Fuel Prices Likely to Remain Stable

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Relief for India: U.S. Allows Russian Oil Purchases Until April 3, Fuel Prices Likely to Remain Stable

India has received a major relief amid rising tensions in the Middle East, as the United States has granted Indian refineries a special 30-day license to purchase Russian crude oil. The temporary waiver will remain valid until April 3, reducing the

News Affair 24

By Admin

2 months ago

New Delhi | India has received a major relief amid rising tensions in the Middle East, as the United States has granted Indian refineries a special 30-day license to purchase Russian crude oil. The temporary waiver will remain valid until April 3, reducing the immediate risk of petrol and diesel price hikes in India.

U.S. Treasury Secretary Scott Bessent said on March 6 that the decision was taken under President Donald Trump’s energy agenda. He stated that India is an important partner for the United States and the move is aimed at maintaining stability in the global oil market. According to the license issued by the U.S. Treasury Department’s Office of Foreign Assets Control, India will only be able to receive Russian crude oil that had already been loaded onto ships by March 5. This means the supply will come from cargoes that are already at sea. The ongoing conflict in the Middle East has significantly impacted global oil markets. Iran’s move to block the Strait of Hormuz, a route through which nearly 20% of the world’s oil supply passes, has raised serious concerns about supply disruptions. Amid these tensions, Brent crude prices have surged to around $84 per barrel.

Reports also suggest that India is considering purchasing Russian oil cargoes currently waiting near Asian waters. Around 9.5 million barrels of crude oil are loaded on these tankers and could be quickly delivered to India. India is the world’s third-largest consumer of crude oil and imports nearly 88% of its total requirement. Discounted Russian oil has played an important role in helping India maintain stable fuel prices and control inflation. For now, the government and oil companies are closely monitoring the global situation, but the temporary U.S. waiver is expected to help India manage its supply chain and avoid an immediate increase in fuel prices.

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