Govt weighing Russia’s offer for discounted crude

BENGALURU: The government is considering if it should accept Russia’s offer for crude supply at a discounted rate. While the offer seems attractive at the time of a flare-up in global crude prices, the government is having to evaluate a whole range of factors as it finalises its response.
“There was an open offer over the last two-three days that Russia was giving it (crude oil) at some sort of a discounted price but we don’t know how it can be of effect because a whole lot of factors will have to be weighed in and we will have to get it from some port to ship it and then whether it can come to India, and whether it is workable,” a senior central government functionary said on Wednesday.
Oil prices have soared to an over 13-year high, following Russia’s attack on Ukraine and disruption of supplies from the region, putting pressure on the government’s already tense maths. Over the last two days, checks on energy flows have been tightened. While a source indicated that India is not averse to importing Russian oil, it has to consider several challenges.