Facing a surge in global crude oil prices, India is considering importing larger volumes of Russian crude as Moscow is offering a discount of over $20 a barrel at the Indian coast in addition to covering transportation risks, two officials aware of the development said.
The Russian offer would help India to calm rising pump prices to some extent, they said, requesting anonymity. Retail rates of petrol and diesel were raised by 50 and 55 paise a litre, respectively, on Sunday, the fifth hike in six days, which made petrol costlier by ₹3.70 a litre and diesel by ₹3.75 since an unofficial freeze on prices were lifted on March 22.
It is the priority of the government to ensure India’s energy security and provide fuel at affordable rates to its people, especially at a time when other oil producers are unwilling to raise output to calm the global oil price surge, the officials said.
