India will not only have to scramble to find replacements for Iranian crude, but will also need to deal with volatility in international crude oil prices that will have direct implications for domestic cooking gas and auto fuel prices.
“India can always source crude from geographies other than Iran, if required. But the worry is the rising prices of crude globally. The tightening of sanctions by the US has already begun pushing up the prices, leading to higher import bills and anxiety in stock markets,” said New Delhi-based energy expert Narendra Taneja.
American President Donald Trump ended the suspense on Monday by declaring that the US will end all Iran-sanction waivers after May 2. The waivers were extended to eight countries for an initial period of 180 days starting November 5, 2018, when Washington imposed sanctions against Iran’s oil and shipping sectors.
